Goalshttp://www.businessinsider.com/category/goals
en-usSun, 02 Aug 2015 14:44:14 -0400Sun, 02 Aug 2015 14:44:14 -0400The latest news on Goals from Business Insiderhttp://static3.businessinsider.com/assets/images/bilogo-250x36-wide-rev.pngBusiness Insiderhttp://www.businessinsider.com
http://www.businessinsider.com/method-to-become-more-successful-2015-7Here's a proven method for becoming more successfulhttp://www.businessinsider.com/method-to-become-more-successful-2015-7
Thu, 23 Jul 2015 10:01:00 -0400James Clear
<p><img style="float:right;" src="http://static2.businessinsider.com/image/55afb494371d2278018b8831-1440-1080/14744121101_34694ce450_o.jpg" alt="success thinking" data-mce-source="Sebastiaan ter Burg/Flickr" /></p><p>There is a common phenomenon in the world of personal finance called "lifestyle creep." It describes our tendency to buy bigger, better, and nicer things as our income rises.</p>
<p>For example, say that you receive a promotion at work and suddenly you have $10,000 more of income each year. Rather than save the extra money and continue living as normal, you're more likely to upgrade to a bigger TV or stay at better hotels or buy designer clothes.</p>
<p>Your normal lifestyle will creep up slowly and goods that were once seen as a luxury will gradually become a necessity. What was once out of reach will become your new normal. <a name="note-1-11997" href="http://jamesclear.com/habit-creep#" class="footnote-button" rel="footnote" data-footnote-number="1" data-footnote-identifier="1" data-footnote-content="&lt;p&gt;We could have an entirely separate discussion about whether lifestyle creep is a good thing or not. Typically, the concept is viewed in a negative light because it indicates unnecessary consumerism and the purchasing of items that you don&rsquo;t really need. Furthermore, lifestyle creeps seems to increase the risk of loss aversion. For example, once you own designer clothes and an expensive car, it can be difficult to go back to rocking Levis and driving a Toyota Camry. That said, I&rsquo;m not entirely against buying nice things for yourself (provided they are useful or that they bring you happiness), but this discussion is outside the scope of this article. I bring up lifestyle creep here simply to provide an example of how human behavior changes over the long-term in a reliable and long-lasting way. It&rsquo;s an example of how you can make changes that actually stick and, as is always the case with humans, those changes can be positive or negative.&lt;/p&gt;"><span class="footnote-circle" data-footnote-number="1"></span><span class="footnote-circle"></span><span class="footnote-circle"></span></a></p>
<p>Changing human behavior is often considered to be one of the hardest things to do in business and in life. Yet, lifestyle creep describes a very reliable way that human behavior changes over the long-term.</p>
<p>What if we adapted this concept to the rest of our lives?<br /><span id="more-11997"></span></p>
<h3>Changing your normal</h3>
<p>Let's list some typical financial goals.</p>
<ul>
<li>I want to own designer jeans.</li>
<li>I want to have a bigger house.</li>
<li>I want to drive a faster car.</li>
</ul>
<p>Here's the interesting thing:</p>
<p>These big goals naturally happen as a side effect when we have the means to make them happen. When our purchasing power goes up, our purchases tend to go up too. That's lifestyle creep.</p>
<p>What if similar side effects could happen in other areas of life?</p>
<p>Consider these goals:</p>
<ul>
<li>I want to add 10 pounds of muscle.</li>
<li>I want to find a partner and get married.</li>
<li>I want to earn six figures per year.</li>
<li>I want to get a higher score on my test.</li>
<li>I want to own a successful business.</li>
</ul>
<p>What if we trusted that adding more muscle or earning more money or getting better grades would come as a natural side effect of improving our normal routines? In other words, as our normal habits improved, so would our results.</p>
<p>This idea of slightly adjusting your habits until behaviors and results that were once out of reach become your new normal is a concept I like to call "habit creep." <a name="note-2-11997" href="http://jamesclear.com/habit-creep#" class="footnote-button" rel="footnote" data-footnote-number="2" data-footnote-identifier="2" data-footnote-content="&lt;p&gt;If you&rsquo;re wondering, habit creep is a phrase I just invented. Bonus points for me.&lt;/p&gt;"><span class="footnote-circle" data-footnote-number="2"></span><span class="footnote-circle"></span><span class="footnote-circle"></span></a></p>
<h3>How to practice "Habit Creep"</h3>
<p>If you buy more things than your bank account can sustain, that's not lifestyle creep. That's called debt.</p>
<p>Similarly, if you adopt a bunch of new behaviors you can't sustain, that's not habit creep. In other words, the key is to avoid the trap of trying to grow too fast. Lifestyle creep happens so slowly that it is almost imperceptible. Habit creep should be the same way. Your goal is to nudge your behaviors along in very small ways.</p>
<p>In my experience, there are two primary ways to change long-term behaviors and improve performance for good.</p>
<ol>
<li>Increase your performance by a little bit each day. (Most people take this to the extreme.)</li>
<li>Change your environment to remove small distractions and barriers. (Most people never think about this.)</li>
</ol>
<p>Here are some thoughts on each one:</p>
<p><strong>Increasing your performance</strong></p>
<p>You have a normal way of living. For example, your current level of physical fitness is generally a reflection of how much activity you get on a normal day. Let's say that your standard day requires you walk 8,000 steps. If you want to get in better shape, the standard approach would be to start training for a race or exercise more. But the habit creep approach would be to add a very small amount to your standard behavior. Say, 8,100 steps per day rather than 8,000 steps. You can apply this logic to nearly any area of life. You have a normal amount of sales calls you make at work each day, a normal amount of Thank You notes you write each year, a normal amount of books you read each month. If you want to become more successful, more grateful, or more intelligent, then you can use the idea of habit creep to slowly improve those areas simply by improving the way you live your normal day.</p>
<p><strong>Changing your environment</strong></p>
<p>There are all sorts of things we do each day that are a response to the environment we live in. We eat cookies because they are on the counter. We pick up our phones because someone sends us a text. We turn on TV because it's the first thing we look at when we sit on the couch. If you change your environment in small ways (hide the cookies in the pantry, leave the phone in another room while you work, place the TV inside a cabinet), then your actions change as well. Imagine if you made one positive environment change each week. Where would your life creep to by the end of the year?</p>
<h3>Changing your Normal</h3>
<p>The results you enjoy on your best day are typically a reflection of how you spend your normal day.</p>
<p>Everyone gets obsessed with achieving their very best day &mdash; pulling the best score on their test, running their fastest race ever, making the most sales in the department.</p>
<p>I say forget that stuff. Just improve your normal day and the results will take care of themselves. We naturally make long-term changes in our lives by slowly and slightly adjusting our normal everyday habits and behaviors.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/habits-that-lead-to-a-successful-career-2014-8" >Doing These 4 Things Every Day Can Make You More Successful At Work</a></strong></p>
<p><a href="http://www.businessinsider.com/method-to-become-more-successful-2015-7#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/personality-traits-signs-great-success-2015-7">5 signs you're going to be extraordinarily successful </a></p> http://www.businessinsider.com/how-you-can-achieve-any-goal-2015-75 ridiculously simple steps for achieving any goalhttp://www.businessinsider.com/how-you-can-achieve-any-goal-2015-7
Mon, 20 Jul 2015 12:52:00 -0400Adam Toren
<p><img class="center float_right" src="http://static4.businessinsider.com/image/55a92471371d2211008b7581-768-576/8723742901_a9a7b30ab4_o.jpg" alt="reach goals" data-mce-source="Francisco Osorio/Flickr" /></p><p>Highly productive entrepreneurs aren&rsquo;t necessarily special, but they are usually very driven and have unlocked the secrets to achieving their goals. When you know how to attack any objective with the right approach, you too can become unstoppable.</p>
<p>I&rsquo;ve learned over my successful entrepreneurial experiences that good goal setting is easy to hypothesize about, but challenging to execute.</p>
<p>As I figured out over the years how to go from making lists of goals&nbsp;to actually getting them accomplished, I learned a few steps that made the process of goal setting transformative.</p>
<p>Here are five simple steps for every entrepreneur to achieve any goal.</p>
<h3>1. Make it smaller.</h3>
<p>The vision of the goal has to start out big, and even a little vague, but then you have to turn that into several of what I call&nbsp;"something smaller" goals. This transforms a big lofty ambition into tent-pole moments along the path that you can achieve in smaller steps.</p>
<p>For example, wanting to improve your diet and increase&nbsp;physical activity are among&nbsp;the most common goals out there. I wouldn&rsquo;t recommend suddenly going cold turkey on all your usual foods and going&nbsp;to the gym every day, but rather setting milestones along the road. Break the goals down into smaller lifestyle benchmarks, such as eliminating certain foods over the course of a month, then adding in more movement over the course of the following weeks.</p>
<p>By making small goal benchmarks to work toward, the goal becomes achievable overall because you made it actionable in smaller steps.</p>
<h3>2. Make it reasonable.</h3>
<p>I always say a good goal is one that stretches you to the edge of your comfort zone, but not one that crosses over into fantasy. Everyone would love to make a million dollars this year, but if that&rsquo;s not a number you can truly wrap your brain around, start with a number that stretches you but is believable.</p>
<p>If&nbsp;you are making $2,500 consistently a month, then could bumping the year-end goal to $10,000 a month actually be something you could believe? It doesn&rsquo;t get you to a million this year, but it bumps your goal to something that&rsquo;s believable for you and thus, feels more achievable. Once you get to year&rsquo;s end and $10,000 a month feels comfortable and realistic, you can bump it again.</p>
<p>These smaller, realistic goals feed into the first step of breaking big ideas into smaller actions, too.</p>
<h3>3. Make it known.</h3>
<p>A great way to achieve any goal is to get the right support for your journey. You want to tell people who will be supportive and involved in your success. That has the benefit of bolstering you during times of challenge, but also when you verbalize your goals you tend to follow through better. You hold yourself more accountable to goals you&rsquo;ve shared with others and that can help you reach them.</p>
<h3>4. Make it trackable.</h3>
<p>Breaking goals into smaller benchmarks helps to create action plans to smaller events that will eventually have a cumulative effect toward the big picture. This is a great tactic in terms of actions, but also a good tactic to help you put some metrics and measurement into the task.</p>
<p>If the goal is weight loss, then how much will you lose by each benchmark goal deadline you set? If it&rsquo;s increasing your earnings, how can you track what you spend, what money is coming in and how you will generate more income through reducing your customer acquisition costs? Furthermore, how can you track your progress along the way to see how your overall goal is progressing against your small milestones?</p>
<h3>5. Make it fun.</h3>
<p>As you meet your benchmarks, set up ways to celebrate or enjoy your victories. Make tracking the progress fun and meaningful. The more fun you can have along the way with your goals, the more successful you&rsquo;ll be at achieving them.</p>
<p>The purpose of any goal isn&rsquo;t just to achieve it, but often it&rsquo;s to integrate it into your daily lifestyle, so learn to enjoy not just the destination but also the process of getting there.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/simple-trick-to-achieve-goals-faster-2014-8" >This Simple Trick Will Help You Achieve Your Goals Faster</a></strong></p>
<p><a href="http://www.businessinsider.com/how-you-can-achieve-any-goal-2015-7#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/personality-traits-signs-great-success-2015-7">5 signs you're going to be extraordinarily successful </a></p> http://www.businessinsider.com/a-financial-planner-explains-how-to-set-your-money-up-for-the-rest-of-your-life-in-9-steps-2015-7A financial planner explains how to set up your money for the rest of your life, in 9 stepshttp://www.businessinsider.com/a-financial-planner-explains-how-to-set-your-money-up-for-the-rest-of-your-life-in-9-steps-2015-7
Sat, 18 Jul 2015 14:30:00 -0400Jeff Rose
<p><img style="float:right;" src="http://static1.businessinsider.com/image/559e9e29ecad043878679458-1200-924/woman-reading-5.jpg" alt="woman reading" border="0" /></p><p>Everybody wants to have a solid financial plan, but over 40% of Americans&nbsp;<a href="http://www.cfp.net/docs/public-policy/infographic-hpi-2013.pdf?sfvrsn=2" target="_blank">don't have one</a>.</p>
<p>Unless you develop a formal strategy &mdash; like a written plan &mdash; it can be tough to accomplish a financial goal of any type.</p>
<p>And let's face it, if you do accomplish your goal it's more likely luck has more to do with it&nbsp;than your financial savviness.</p>
<p>Let's go over some financial planning basics, that will help you to establish a financial plan that will have concrete steps you will actually be able to accomplish.</p>
<h3>1. Define your goals.</h3>
<p>This gets down to answering the question, "<em>What is my financial plan?"</em>&nbsp;</p>
<p>You have to decide exactly what it is you need your finances to do, and what those strategies will need to accomplish.</p>
<p>Once you&nbsp;<a href="http://www.goodfinancialcents.com/good-financial-goals">establish goals</a>, it will simply be a matter of creating a plan as to how you will get there.</p>
<p>For example, do you have children who will need to attend college one day? If so, you'll have to save&nbsp;so you will have money available to make it happen.</p>
<p>At what age do you hope to retire? That will help you to decide how much time you have to save, and then to establish how much you can save to meet that goal.</p>
<p>Do you want to get completely out of debt? If so, will have to add up all of the debt you have, and determine how much you have available to pay toward it, and how much time it will take.</p>
<p>It can be helpful to work with a financial planner to help you target the most worthwhile and realistic goals. Mark T. Meredith, CFP&reg;&nbsp;of&nbsp;<a href="http://4theinvestorgroup.com/resources/the-meredith-minutes.aspx" target="_blank">4theInvestorGroup</a>&nbsp;commented on this:</p>
<p><span style="line-height: 1.5em;">"It&rsquo;s very important for the client and the planner to keep goals realistic when defining them. Some planners will tell the client what they want to hear, while good planners will tell them what they need to hear. Also, paying a financial planner can be wasteful if you fail to put their recommendations into action. It's like going to the doctor and then refusing the prescribed medication."</span></p>
<p>Once you have your goals established, it will simply be a matter of working out the details as to how you will accomplish them.</p>
<p>But you can't do that until you have a solid plan, and that's why creating one needs to be the first order of business.</p>
<p><img src="http://static4.businessinsider.com/image/559ea4e9ecad047018679458-891-667/man-thinking-30.jpg" alt="man thinking" border="0" /></p>
<h3>2. Setting up a budget.</h3>
<p>There's no getting around the fact that any type of financial planning is going to require&nbsp;<em>creating surplus money in your finances.</em>&nbsp;Whether your goal is to retire at a certain point your life, or to payoff your mortgage, you will need extra money in order to make any such goal a reality.</p>
<p>This is<a href="http://www.goodfinancialcents.com/beyond-a-budget-how-to-accelerate-your-wealth/">&nbsp;why a budget is so important</a>. A lot of people skip this step, and that's the reason why they never accomplish any kind of meaningful financial goals.</p>
<p>A budget enables you to see exactly how much money you spend each month, compared the amount of income that you earn. It will help you to see where you're spending too much money, and where you might be able to make some cuts that will enable you to direct the money to where you want it to go.</p>
<p>Many people think that a budget adds stress . . . but many times over the long-run it does the opposite! Adam Broughton, CFP&reg;&nbsp;of&nbsp;<a href="http://planningbetterlives.com/" target="_blank">PlanningBetterLives.com</a>&nbsp;remarked on the psychological benefits of a budget:</p>
<p><span style="line-height: 1.5em;">"Many people view budgeting negatively because they believe a budget is all about saying 'No.' In reality, your budget is equally about saying "Yes." &nbsp;Being in control of your spending gives you the ability to say 'Yes' to the things that really make life meaningful. You are also able to enjoy your expenditures more when you eliminate the stress of constant overspending. So next time you start hating on your budget, start asking yourself what you want to say 'Yes' to. It may help you start saying 'No' with a smile."</span></p>
<p><img src="http://static2.businessinsider.com/image/559e9f3969bedd4042679458-1200-924/woman-eating.jpg" alt="woman eating" border="0" /></p>
<h3>3. Cutting expenses.</h3>
<p>Once you have a budget in place, you'll know exactly where your money is going, and you'll be able to prioritize and also to redirect the flow of your money. You can start by identifying necessary expenses. These are budget items that must be paid no matter what &mdash; your house payment, debt payments, insurance payments, and taxes. You can think of these as being non-negotiable expenses.</p>
<p>The next category can be important expenses, but those over which you have large degree of control. This can include groceries, utilities, and work or school related expenses. All are necessary, but you have the ability to cut these expenses at least to some degree.</p>
<p>The third category are pure discretionary expenses. This includes entertainment, vacations, and recreational shopping. These may be desirable, but they're not at all necessary. These are expenses you can eliminate completely, without threatening your survival.</p>
<p>Once you put your expenses in the proper categories, you'll be in a position to make reductions or complete cuts. For example, you can reduce your important expenses, but completely eliminate one or more of your discretionary expenses.</p>
<p>Making these kinds of cuts frees up your cash flow which you can direct into savings or to debt payoff. But you have to make certain expense cuts in order for that to happen.</p>
<p><img src="http://static6.businessinsider.com/image/559ea6716bb3f72f72679458-1200-924/miami-climate-change-5.jpg" alt="Miami Climate Change" border="0" /></p>
<h3>4. Creating an emergency fund.</h3>
<p>Once you have identified significant expense cuts in your budget, the next order of business is to set up an emergency fund. This step is often ignored in favor of other goals that seem to be more dramatic, yet it is entirely necessary.</p>
<p>An&nbsp;<a href="http://www.goodfinancialcents.com/emergency-fund-to-the-rescue/">emergency fund</a>&nbsp;is basically a savings account or money market that represents your liquid cash. The idea is to have it available when either an unexpected expense hits, or when there is an income disruption. That will not only enable you to weather a short-term financial storm, but will also help you to avoid borrowing money for the same purpose.</p>
<p>The general rule on an emergency fund is it should contain sufficient cash to cover 3 to 6 months worth of living expenses.</p>
<p><img src="http://static6.businessinsider.com/image/559e9eb2ecad043378679458-1200-924/roadmap-2.jpg" alt="roadmap" border="0" /></p>
<h3>5. Getting out of debt.</h3>
<p>Once you have filled your emergency fund with a sufficient amount of cash, the next step will be to&nbsp;<a href="http://www.goodfinancialcents.com/5-ways-to-get-out-of-debt-now/">get out of debt</a>. The cash flow you create in your budget by cutting expenses &mdash; that was going into your emergency fund &mdash; can now be redirected into paying off debt.</p>
<p>There are different methods for getting out of debt, but Dave Ramsey's&nbsp;<em>debt snowball</em>&nbsp;might be the most effective. You start by targeting your smallest debt, and paying it off. Once the smallest debt is paid, you target the next smallest debt You start small and get progressively larger with the debts, which is why it's referred to as a "snowball".</p>
<p>This type of debt payoff strategy has several powerful advantages:</p>
<ul>
<li>Each debt that is paid off &mdash; regardless of how small &mdash; represents visible progress and a moral victory</li>
<li>Each debt that is paid off eliminates a monthly payment, increasing your cash flow to take on the next debt</li>
<li>By the time you get to your largest debt, you have a greater ability to pay it off because all the other debts are already gone &mdash; along with their monthly payments</li>
<li>Each debt that is paid off reduces the&nbsp;<em>number</em>&nbsp;of debts that you owe, even if it doesn't substantially cut down on the amount that you owe</li>
</ul>
<p>There's a strong element of psychological warfare when it comes to getting out of debt, and that needs to be in your favor if you're to have any chance of succeeding.</p>
<p><img src="http://static4.businessinsider.com/image/559ea470ecad046218679458-912-683/retired-couple-on-the-beach-5.jpg" alt="Retired Couple on the Beach" border="0" /></p>
<h3>6. Saving for retirement.</h3>
<p>Hopefully you're already saving for your retirement, even if it's just a little bit each month. But as you get out of debt, your cash flow begins to increase, which will ultimately enable you to save a lot more money for retirement, and for everything else.</p>
<p>As is the case with every other financial goal, the most important step in&nbsp;<a href="http://www.goodfinancialcents.com/average-retirement-savings-how-does-your-savings-stack-up/">saving for retirement</a>&nbsp;is to get started. If you have not done so already, start contributing to a plan with an amount that does not significantly hurt your financial situation overall. Once you have that going, your goal should be to increase your contribution level each year.</p>
<p>You can do this by directing future pay increases into your retirement contribution. You can also redirect debt payments into retirement, once those debts have been paid off. And if your overall financial situation is strong, you'll probably feel confident contributing a lump sum to your retirement plan, such as income tax refunds and bonus checks.</p>
<p><a href="http://www.forbes.com/sites/jennifereum/2014/10/30/want-to-be-a-millionaire-in-retirement-start-saving-10-of-your-salary-in-your-20s/" target="_blank">According to Forbes staff member Jennifer Eum</a>:</p>
<p>"If an investor contributes just 10% of her salary a year, beginning at age 25 with a starting salary of $50,000, she will have socked away $916,618 by the time she retires at 65."</p>
<p><img src="http://static2.businessinsider.com/image/559ea442eab8eabe56679459-1200-924/sweet-briar-college-campus-student-3.jpg" alt="Sweet Briar College Campus Student" border="0" /></p>
<h3>7. Saving for other goals.</h3>
<p>There's a whole host of reasons to save money that sits somewhere between an emergency fund and a retirement fund. Saving for your&nbsp;<a href="http://www.goodfinancialcents.com/difference-between-esa-education-savings-accounts-vs-529-college-savings-plans/">children's college education</a>&nbsp;is an example. You can also consider saving money for the purchase of a new car (so you can buy it without going into debt), or for replacing major components in your home, such as your roof or your air conditioning system.</p>
<p>The purpose of saving for intermediate goals is obviously so you will have money available for major expenses that are completely predictable. But it's also for the purpose of avoiding using debt to pay for them.</p>
<p><em>It will do you little good to work hard to get out of debt, only to plunge back in when you're faced with a major expense.</em></p>
<p>That's the debt merry-go-round so many people get stuck on, and have a very difficult time getting off of. Prevention is the best strategy, and that involves saving up money for what you know is coming in the not-too-distant future.</p>
<p>Looking for a great way to save money? Ryan&nbsp;Fuchs, JD, LLM, CFP&reg;&nbsp;of&nbsp;<a href="http://ifrahfinancial.com/" target="_blank">IfrahFinancial.com</a>&nbsp;shows us:</p>
<p><span style="line-height: 1.5em;">"Set up automatic weekly, rather than monthly, deposits to your savings accounts. Do $100 per week instead of $433 once a month. After a while, you barely notice the transfers, you are less likely to "miss" the money if it goes out in smaller amounts, and you are less tempted to spend the money elsewhere since it sits in your checking account for shorter periods of time."</span></p>
<p><img src="http://static5.businessinsider.com/image/559ea2c0ecad04ec0c679458-1143-857/family-playing-outside-4.jpg" alt="family playing outside" border="0" /></p>
<h3>8. Having adequate insurance.</h3>
<p>There are a whole bunch of contingencies you can't possibly save enough money for, and that's the whole purpose of insurance. There are various types of insurance coverage, and you probably need them all. This includes life insurance, health insurance, auto insurance, homeowners insurance, and business insurance if you are self-employed.</p>
<p>And often overlooked benefit of insurance is it mostly&nbsp;<em>protects your financial assets.</em>&nbsp;This is why insurance is a fundamental part of smart financial planning.</p>
<p>For example, homeowners insurance enables you to repair your home as a result of damage from certain catastrophes&nbsp;<em>without having to drain other financial resources.</em>&nbsp;Auto insurance does much the same, paying claims you would have to cover out of pocket if you have no insurance.&nbsp;<a href="http://www.goodfinancialcents.com/best-life-insurance-companies-by-category/">Life insurance</a>&nbsp;is typically used to replace the lost wages of a deceased wager earner.</p>
<p>Once you realize insurance primarily protects your financial assets, you understand what's a critical part of your overall financial plan.</p>
<p><img src="http://static4.businessinsider.com/image/559ea1c46bb3f7275c67945a-1200-924/retired-couple-5.jpg" alt="retired couple" border="0" /></p>
<h3>9. Setting up a will.</h3>
<p>Financial planning doesn't end upon your death &mdash; you need to make provisions for what will happen to your estate after your gone. At a minimum, if you don't set up a will, your survivors will end up in probate court working out some sort of a deal to distribute your assets.</p>
<p>At worst, your assets can end up disappearing down a sinkhole. This is why having a properly drawn and executed will is so important.&nbsp;<em>It's your final direction as to the state of your financial affairs.</em></p>
<p>Make some time to get together with a trusted attorney, and set up a will that will distribute your estate according to your wishes. You can set it up one way now, and make modifications later on as your financial situation changes. You may also be surprised to find you experience a certain sense of peace upon completing your will. That peace will come from the fact you know you have done the best you can take care of your loved ones after your death.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/why-rich-people-are-stressed-about-money-2015-6" >A financial planner explains why even rich people are stressed about money</a></strong></p>
<p><a href="http://www.businessinsider.com/a-financial-planner-explains-how-to-set-your-money-up-for-the-rest-of-your-life-in-9-steps-2015-7#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/new-air-force-one-tour-boeing-private-jet-2015-5">Take a tour of the $367 million jet that will soon be called Air Force One</a></p> http://www.businessinsider.com/milestones-to-achieve-with-your-money-before-40-2015-77 milestones to achieve with your money before 40http://www.businessinsider.com/milestones-to-achieve-with-your-money-before-40-2015-7
Wed, 15 Jul 2015 14:26:00 -0400Carrie Smith
<p><img style="float:right;" src="http://static3.businessinsider.com/image/559ffe25ecad043777f7425b-1024-768/kids-parents-son-father-4.jpg" alt="kids parents son father" border="0" /></p><p>Do you know if you're on track with your&nbsp;<a href="http://www.wisebread.com/7-ways-paying-off-student-loans-early-can-boost-your-finances">financial goals</a>?</p>
<p>Where are you in comparison to other young adults in their 20s and 30s?</p>
<p>Take inventory of your career and finances with this quick checklist. Here's a list of the top seven milestones that every young adult should strive towards.</p>
<h3>1. Be debt free (at least once).</h3>
<p>An important milestone that every young adult should hit is to become debt free at least once. I experienced this when I was going through a bad divorce at 25 years old. I added up all my consumer debts and created a plan to pay off all $14,000 of it in 14 months.</p>
<p>It was the first step in my plan to quit my job and&nbsp;<a href="http://www.wisebread.com/5-things-you-must-do-before-you-quit-your-job">become self-employed</a>. Becoming debt free at least once gives you the perspective of how difficult it is to undo any bad financial decisions, and an understanding of living life without instant gratification.</p>
<h3>2. Regularly check your credit report.</h3>
<p>In order to start your financial life off on the right foot, it's smart to know how to check your credit report. Keeping track of any credit errors or reporting mistakes will ensure that the credit history you're building is accurate. You don't want to be caught off guard when you apply for a new job, or buy your first home.</p>
<p>Get into a routine of regularly checking your credit report, and keeping track of your credit score. If you find errors or mistakes, you can get them corrected so they won't taint your credit.</p>
<h3>3. Have a working emergency fund.</h3>
<p>We all know the importance of having an emergency fund, but saving up a good cash reserve isn't always easy. After setting parameters for what constitutes an emergency expense, there will no doubt be times when you'll have to pull out the funds to cover these unexpected costs. Now you're faced with having to put the money back into the account for later use.</p>
<h3>4. Start contributing to retirement.</h3>
<p>No matter how small your contributions are, you must start saving for retirement now! Time is the most precious investment tool on your side, so the sooner you start saving for the future, the more time you'll have to earn a decent return.</p>
<p>With the rise of robo advisors and&nbsp;<a href="http://www.wisebread.com/5-microsaving-tools-to-help-you-start-saving-now">other microsaving tools</a>, you can start putting away as little as $20 per month in a Roth IRA or other investment account. The point is to open an account and start putting away&nbsp;<em>something</em>, and create a regular habit of saving money.</p>
<p><img src="http://static6.businessinsider.com/image/559ffe76ecad04d57af7425c-1024-512/retired-couple-on-the-beach-6.jpg" alt="Retired Couple on the Beach" border="0" /></p>
<h3>5. Track your spending.</h3>
<p>Budgeting. It's not a word that many of us like to hear, but it's nonetheless a vital milestone in becoming a young adult. Tracking your spending and creating a budget plan will allow you to spend money&nbsp;<a href="http://www.wisebread.com/simple-living-determining-your-priorities">based on your priorities</a>&nbsp;instead of frivolously spending it on stuff that you don't really value.</p>
<p>A few of the responsibilities of being an adult include paying your bills on time and sticking to a budget. That's the only way you'll be able to reach all of your financial goals, like traveling, saving up for a big purchase, making a career transition, and putting away money for a comfortable retirement.</p>
<h3>6. Establish a side income.</h3>
<p>The economy and workforce has changed, there's no doubt about that. In order to adapt with that change, many young adults are learning new skills and figuring out how to build their careers. Having multiple streams of income will help you spread out the risk of lost income.</p>
<p>Do you have any hobbies that you can turn into a side hustle? What skills do you possess that can help you earn more money? Outside of your day job, what other things can you pursue to establish profitable income streams? This is an important milestone for every 20 and 30 year old.</p>
<h3>7. Know your net worth.</h3>
<p>The definition of net worth is simply the combination of your total assets minus any debts you owe. This figure will be your total net worth value, which could either be positive or negative depending on whether or not you have a lot of debt (say, from student loans) or a good amount of assets (like, savings or investment accounts).</p>
<p>If you don't know your current net worth, do a simple calculation today. Then keep updating this figure (using a spreadsheet or other net worth tracker) every quarter so you stay up-to-date on your overall financial situation.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/napoleon-hill-explains-why-you-arent-rich-2015-7" >17 things keeping you from getting rich, according to a journalist who spent his career studying millionaires</a></strong></p>
<p><a href="http://www.businessinsider.com/milestones-to-achieve-with-your-money-before-40-2015-7#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/map-shows-how-religion-spread-around-the-world-2015-6">This animated map shows how religion spread across the world</a></p> http://www.businessinsider.com/a-financial-planner-explains-how-to-set-your-money-up-for-the-rest-of-your-life-in-9-steps-2015-7A financial planner explains how to set up your money for the rest of your life, in 9 stepshttp://www.businessinsider.com/a-financial-planner-explains-how-to-set-your-money-up-for-the-rest-of-your-life-in-9-steps-2015-7
Mon, 13 Jul 2015 10:09:00 -0400Jeff Rose
<p><img style="float:right;" src="http://static1.businessinsider.com/image/559e9e29ecad043878679458-1200-924/woman-reading-5.jpg" border="0" alt="woman reading"></p><p>Everybody wants to have a solid financial plan, but over 40% of Americans&nbsp;<a href="http://www.cfp.net/docs/public-policy/infographic-hpi-2013.pdf?sfvrsn=2" target="_blank">don't have one</a>.</p>
<p>Unless you develop a formal strategy — like a written plan — it can be tough to accomplish a financial goal of any type.</p>
<p>And let's face it, if you do accomplish your goal it's more likely luck has more to do with it&nbsp;than your financial savviness.</p>
<p>Let's go over some financial planning basics, that will help you to establish a financial plan that will have concrete steps you will actually be able to accomplish.</p>
<h3>1. Define your goals.</h3>
<p>This gets down to answering the question, "<em>What is my financial plan?"</em>&nbsp;</p>
<p>You have to decide exactly what it is you need your finances to do, and what those strategies will need to accomplish.</p>
<p>Once you&nbsp;<a href="http://www.goodfinancialcents.com/good-financial-goals">establish goals</a>, it will simply be a matter of creating a plan as to how you will get there.</p>
<p>For example, do you have children who will need to attend college one day? If so, you'll have to save&nbsp;so you will have money available to make it happen.</p>
<p>At what age do you hope to retire? That will help you to decide how much time you have to save, and then to establish how much you can save to meet that goal.</p>
<p>Do you want to get completely out of debt? If so, will have to add up all of the debt you have, and determine how much you have available to pay toward it, and how much time it will take.</p>
<p>It can be helpful to work with a financial planner to help you target the most worthwhile and realistic goals. Mark T. Meredith, CFP®&nbsp;of&nbsp;<a href="http://4theinvestorgroup.com/resources/the-meredith-minutes.aspx" target="_blank">4theInvestorGroup</a>&nbsp;commented on this:</p>
<p><span style="line-height: 1.5em;">"It’s very important for the client and the planner to keep goals realistic when defining them. Some planners will tell the client what they want to hear, while good planners will tell them what they need to hear. Also, paying a financial planner can be wasteful if you fail to put their recommendations into action. It's like going to the doctor and then refusing the prescribed medication."</span></p>
<p>Once you have your goals established, it will simply be a matter of working out the details as to how you will accomplish them.</p>
<p>But you can't do that until you have a solid plan, and that's why creating one needs to be the first order of business.</p>
<p><img src="http://static4.businessinsider.com/image/559ea4e9ecad047018679458-891-667/man-thinking-30.jpg" border="0" alt="man thinking"></p>
<h3>2. Setting up a budget.</h3>
<p>There's no getting around the fact that any type of financial planning is going to require&nbsp;<em>creating surplus money in your finances.</em>&nbsp;Whether your goal is to retire at a certain point your life, or to payoff your mortgage, you will need extra money in order to make any such goal a reality.</p>
<p>This is<a href="http://www.goodfinancialcents.com/beyond-a-budget-how-to-accelerate-your-wealth/">&nbsp;why a budget is so important</a>. A lot of people skip this step, and that's the reason why they never accomplish any kind of meaningful financial goals.</p>
<p>A budget enables you to see exactly how much money you spend each month, compared the amount of income that you earn. It will help you to see where you're spending too much money, and where you might be able to make some cuts that will enable you to direct the money to where you want it to go.</p>
<p>Many people think that a budget adds stress . . . but many times over the long-run it does the opposite! Adam Broughton, CFP®&nbsp;of&nbsp;<a href="http://planningbetterlives.com/" target="_blank">PlanningBetterLives.com</a>&nbsp;remarked on the psychological benefits of a budget:</p>
<p><span style="line-height: 1.5em;">"Many people view budgeting negatively because they believe a budget is all about saying 'No.' In reality, your budget is equally about saying "Yes." &nbsp;Being in control of your spending gives you the ability to say 'Yes' to the things that really make life meaningful. You are also able to enjoy your expenditures more when you eliminate the stress of constant overspending. So next time you start hating on your budget, start asking yourself what you want to say 'Yes' to. It may help you start saying 'No' with a smile."</span></p>
<p><img src="http://static2.businessinsider.com/image/559e9f3969bedd4042679458-1200-924/woman-eating.jpg" border="0" alt="woman eating"></p>
<h3>3. Cutting expenses.</h3>
<p>Once you have a budget in place, you'll know exactly where your money is going, and you'll be able to prioritize and also to redirect the flow of your money. You can start by identifying necessary expenses. These are budget items that must be paid no matter what — your house payment, debt payments, insurance payments, and taxes. You can think of these as being non-negotiable expenses.</p>
<p>The next category can be important expenses, but those over which you have large degree of control. This can include groceries, utilities, and work or school related expenses. All are necessary, but you have the ability to cut these expenses at least to some degree.</p>
<p>The third category are pure discretionary expenses. This includes entertainment, vacations, and recreational shopping. These may be desirable, but they're not at all necessary. These are expenses you can eliminate completely, without threatening your survival.</p>
<p>Once you put your expenses in the proper categories, you'll be in a position to make reductions or complete cuts. For example, you can reduce your important expenses, but completely eliminate one or more of your discretionary expenses.</p>
<p>Making these kinds of cuts frees up your cash flow which you can direct into savings or to debt payoff. But you have to make certain expense cuts in order for that to happen.</p>
<p><img src="http://static6.businessinsider.com/image/559ea6716bb3f72f72679458-1200-924/miami-climate-change-5.jpg" border="0" alt="Miami Climate Change"></p>
<h3>4. Creating an emergency fund.</h3>
<p>Once you have identified significant expense cuts in your budget, the next order of business is to set up an emergency fund. This step is often ignored in favor of other goals that seem to be more dramatic, yet it is entirely necessary.</p>
<p>An&nbsp;<a href="http://www.goodfinancialcents.com/emergency-fund-to-the-rescue/">emergency fund</a>&nbsp;is basically a savings account or money market that represents your liquid cash. The idea is to have it available when either an unexpected expense hits, or when there is an income disruption. That will not only enable you to weather a short-term financial storm, but will also help you to avoid borrowing money for the same purpose.</p>
<p>The general rule on an emergency fund is it should contain sufficient cash to cover 3 to 6 months worth of living expenses.</p>
<p><img src="http://static6.businessinsider.com/image/559e9eb2ecad043378679458-1200-924/roadmap-2.jpg" border="0" alt="roadmap"></p>
<h3>5. Getting out of debt.</h3>
<p>Once you have filled your emergency fund with a sufficient amount of cash, the next step will be to&nbsp;<a href="http://www.goodfinancialcents.com/5-ways-to-get-out-of-debt-now/">get out of debt</a>. The cash flow you create in your budget by cutting expenses — that was going into your emergency fund — can now be redirected into paying off debt.</p>
<p>There are different methods for getting out of debt, but Dave Ramsey's&nbsp;<em>debt snowball</em>&nbsp;might be the most effective. You start by targeting your smallest debt, and paying it off. Once the smallest debt is paid, you target the next smallest debt You start small and get progressively larger with the debts, which is why it's referred to as a "snowball".</p>
<p>This type of debt payoff strategy has several powerful advantages:</p>
<ul>
<li>Each debt that is paid off — regardless of how small — represents visible progress and a moral victory</li>
<li>Each debt that is paid off eliminates a monthly payment, increasing your cash flow to take on the next debt</li>
<li>By the time you get to your largest debt, you have a greater ability to pay it off because all the other debts are already gone — along with their monthly payments</li>
<li>Each debt that is paid off reduces the&nbsp;<em>number</em>&nbsp;of debts that you owe, even if it doesn't substantially cut down on the amount that you owe</li>
</ul>
<p>There's a strong element of psychological warfare when it comes to getting out of debt, and that needs to be in your favor if you're to have any chance of succeeding.</p>
<p><img src="http://static4.businessinsider.com/image/559ea470ecad046218679458-912-683/retired-couple-on-the-beach-5.jpg" border="0" alt="Retired Couple on the Beach"></p>
<h3>6. Saving for retirement.</h3>
<p>Hopefully you're already saving for your retirement, even if it's just a little bit each month. But as you get out of debt, your cash flow begins to increase, which will ultimately enable you to save a lot more money for retirement, and for everything else.</p>
<p>As is the case with every other financial goal, the most important step in&nbsp;<a href="http://www.goodfinancialcents.com/average-retirement-savings-how-does-your-savings-stack-up/">saving for retirement</a>&nbsp;is to get started. If you have not done so already, start contributing to a plan with an amount that does not significantly hurt your financial situation overall. Once you have that going, your goal should be to increase your contribution level each year.</p>
<p>You can do this by directing future pay increases into your retirement contribution. You can also redirect debt payments into retirement, once those debts have been paid off. And if your overall financial situation is strong, you'll probably feel confident contributing a lump sum to your retirement plan, such as income tax refunds and bonus checks.</p>
<p><a href="http://www.forbes.com/sites/jennifereum/2014/10/30/want-to-be-a-millionaire-in-retirement-start-saving-10-of-your-salary-in-your-20s/" target="_blank">According to Forbes staff member Jennifer Eum</a>:</p>
<p>"If an investor contributes just 10% of her salary a year, beginning at age 25 with a starting salary of $50,000, she will have socked away $916,618 by the time she retires at 65."</p>
<p><img src="http://static2.businessinsider.com/image/559ea442eab8eabe56679459-1200-924/sweet-briar-college-campus-student-3.jpg" border="0" alt="Sweet Briar College Campus Student"></p>
<h3>7. Saving for other goals.</h3>
<p>There's a whole host of reasons to save money that sits somewhere between an emergency fund and a retirement fund. Saving for your&nbsp;<a href="http://www.goodfinancialcents.com/difference-between-esa-education-savings-accounts-vs-529-college-savings-plans/">children's college education</a>&nbsp;is an example. You can also consider saving money for the purchase of a new car (so you can buy it without going into debt), or for replacing major components in your home, such as your roof or your air conditioning system.</p>
<p>The purpose of saving for intermediate goals is obviously so you will have money available for major expenses that are completely predictable. But it's also for the purpose of avoiding using debt to pay for them.</p>
<p><em>It will do you little good to work hard to get out of debt, only to plunge back in when you're faced with a major expense.</em></p>
<p>That's the debt merry-go-round so many people get stuck on, and have a very difficult time getting off of. Prevention is the best strategy, and that involves saving up money for what you know is coming in the not-too-distant future.</p>
<p>Looking for a great way to save money? Ryan&nbsp;Fuchs, JD, LLM, CFP®&nbsp;of&nbsp;<a href="http://ifrahfinancial.com/" target="_blank">IfrahFinancial.com</a>&nbsp;shows us:</p>
<p><span style="line-height: 1.5em;">"Set up automatic weekly, rather than monthly, deposits to your savings accounts. Do $100 per week instead of $433 once a month. After a while, you barely notice the transfers, you are less likely to "miss" the money if it goes out in smaller amounts, and you are less tempted to spend the money elsewhere since it sits in your checking account for shorter periods of time."</span></p>
<p><img src="http://static5.businessinsider.com/image/559ea2c0ecad04ec0c679458-1143-857/family-playing-outside-4.jpg" border="0" alt="family playing outside"></p>
<h3>8. Having adequate insurance.</h3>
<p>There are a whole bunch of contingencies you can't possibly save enough money for, and that's the whole purpose of insurance. There are various types of insurance coverage, and you probably need them all. This includes life insurance, health insurance, auto insurance, homeowners insurance, and business insurance if you are self-employed.</p>
<p>And often overlooked benefit of insurance is it mostly&nbsp;<em>protects your financial assets.</em>&nbsp;This is why insurance is a fundamental part of smart financial planning.</p>
<p>For example, homeowners insurance enables you to repair your home as a result of damage from certain catastrophes&nbsp;<em>without having to drain other financial resources.</em>&nbsp;Auto insurance does much the same, paying claims you would have to cover out of pocket if you have no insurance.&nbsp;<a href="http://www.goodfinancialcents.com/best-life-insurance-companies-by-category/">Life insurance</a>&nbsp;is typically used to replace the lost wages of a deceased wager earner.</p>
<p>Once you realize insurance primarily protects your financial assets, you understand what's a critical part of your overall financial plan.</p>
<p><img src="http://static4.businessinsider.com/image/559ea1c46bb3f7275c67945a-1200-924/retired-couple-5.jpg" border="0" alt="retired couple"></p>
<h3>9. Setting up a will.</h3>
<p>Financial planning doesn't end upon your death — you need to make provisions for what will happen to your estate after your gone. At a minimum, if you don't set up a will, your survivors will end up in probate court working out some sort of a deal to distribute your assets.</p>
<p>At worst, your assets can end up disappearing down a sinkhole. This is why having a properly drawn and executed will is so important.&nbsp;<em>It's your final direction as to the state of your financial affairs.</em></p>
<p>Make some time to get together with a trusted attorney, and set up a will that will distribute your estate according to your wishes. You can set it up one way now, and make modifications later on as your financial situation changes. You may also be surprised to find you experience a certain sense of peace upon completing your will. That peace will come from the fact you know you have done the best you can take care of your loved ones after your death.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/why-rich-people-are-stressed-about-money-2015-6" >A financial planner explains why even rich people are stressed about money</a></strong></p>
<p><a href="http://www.businessinsider.com/a-financial-planner-explains-how-to-set-your-money-up-for-the-rest-of-your-life-in-9-steps-2015-7#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/new-air-force-one-tour-boeing-private-jet-2015-5">Take a tour of the $367 million jet that will soon be called Air Force One</a></p> http://www.businessinsider.com/what-self-made-millionaires-think-about-every-day-2015-6What self-made millionaires think about every dayhttp://www.businessinsider.com/what-self-made-millionaires-think-about-every-day-2015-6
Sun, 05 Jul 2015 11:30:00 -0400Thomas C. Corley
<p><img style="float:right;" src="http://static5.businessinsider.com/image/55896eba6da811fb515f9064-908-681/meditation-36.jpg" border="0" alt="meditation"></p><p>One of the things that stood out from&nbsp;<a href="http://richhabits.net/parents-of-self-made-millionaires-share-their-secrets/" target="_blank">my Rich Habits Study</a>&nbsp;was how important thinking was to self-made millionaires.</p>
<p>I tracked 10 different types of thinking habits these millionaires engaged in frequently, if not daily.</p>
<p>From my research, it was so evident that thinking was&nbsp;<a href="http://www.credit.com/personal-finance/retrain-your-brain-to-cut-debt-build-wealth/?utm_source=BI&amp;utm_medium=content&amp;utm_content=IB_2&amp;utm_campaign=questions_successful_ask" title="Retrain Your Brain to Cut Debt and Build Wealth">fundamental to their success</a>&nbsp;that I decided it needed to become one of what I call the 10 Keystone Rich Habits.</p>
<p>When self-made millionaires think, they do so in isolation, closed off from the world.</p>
<p>Most engaged in their daily thinking habits in the morning, some during their commute in their car, others in the shower, and still others at night.</p>
<p>Morning seemed to be the most dominant time frame, however.</p>
<p>Typically, immediately upon waking, these self-made millionaires would find a quiet space and think for about 15 to 30 minutes.</p>
<p>What did they think about?</p>
<p>Well, they thought about a lot of things and when they thought, they thought in a way that most would refer to as brainstorming.</p>
<p>They spent time every day brainstorming with themselves about numerous things. I was able to boil down those brainstorming sessions into 10 core Rich Thinking Habit categories. Here they are, and the corresponding 83 questions the rich ask themselves.</p>
<p><img src="http://static3.businessinsider.com/image/55897022eab8ea2f084c3a60-1200-924/man-working-on-laptop.jpg" border="0" alt="man working on laptop"></p>
<h3>1. Career</h3>
<p>Some of the questions they asked themselves included:</p>
<ul>
<li>What can I do to make more money?</li>
<li>How can I increase my value to my clients, customers or my employer?</li>
<li>What do I need to do in order to gain more expertise?</li>
<li>What additional skills do I need?</li>
<li>What things should I be reading more about?</li>
<li>Do I like what I do?</li>
<li>What do I love to do?</li>
<li>Can I make money doing what I love to do?</li>
<li>Should I change careers?</li>
<li>Should I work more – or fewer — hours?</li>
<li>Do I work hard enough?</li>
<li>Am I lazy?</li>
<li>What am I really good at?</li>
<li>What am I really&nbsp;<em>bad</em>&nbsp;at?</li>
<li>Does my job make me happy?</li>
</ul>
<p><img src="http://static3.businessinsider.com/image/55896d466da811844b5f9066-1200-924/freelancing-2.jpg" border="0" alt="freelancing"></p>
<h3>2. Finances</h3>
<p>When it comes to their money, here are some of the questions they contemplated:</p>
<ul>
<li>Do I spend too much money?</li>
<li>Am I saving enough money?</li>
<li>Will I have enough to retire on?</li>
<li>How much will I need to retire on?</li>
<li>Do I have&nbsp;<a href="http://richhabits.net/3-kids-through-college-heres-what-it-cost-me/" target="_blank">enough set aside for college for my kids</a>?</li>
<li>How much do I actually spend each month?</li>
<li>Should I create a budget?</li>
<li>Should I revise my budget?</li>
<li>Am I&nbsp;<a href="http://www.credit.com/personal-finance/5-habits-of-successful-savers-investors/?utm_source=BI&amp;utm_medium=content&amp;utm_content=IB_4&amp;utm_campaign=questions_successful_ask" title="5 Habits of Successful Savers &amp; Investors">doing a good job investing our money</a>?</li>
<li>Is my spouse doing a good job investing our money?</li>
<li>Am I paying too much in taxes?</li>
<li>Do I have enough life insurance?</li>
<li>Should I set up a trust for my kids?</li>
</ul>
<p><img src="http://static6.businessinsider.com/image/5589704cecad049e62af4d50-1200-924/family-40.jpg" border="0" alt="family"></p>
<h3>3. Family</h3>
<p>They also asked themselves:</p>
<ul>
<li>Do I spend enough time with my family?</li>
<li>Can I work less and spend more time with my family?</li>
<li>Are we spoiling our kids?</li>
<li>Are we too hard on our kids?</li>
<li>Can I get away for a family vacation this year?</li>
<li>Are we doing enough to help our kids succeed?</li>
<li>How can I&nbsp;<a href="http://www.credit.com/credit-reports/what-happens-to-your-credit-when-you-get-married/?utm_source=BI&amp;utm_medium=content&amp;utm_content=IB_6&amp;utm_campaign=questions_successful_ask" title="What Happens To Your Credit When You Get Married?">improve my relationship with my spouse</a>, my kids?</li>
</ul>
<p><img src="http://static6.businessinsider.com/image/5589709b6bb3f7cb54a8b532-800-600/friends-40.jpg" border="0" alt="friends"></p>
<h3>4. Friends</h3>
<p>Social life is also an important part of the equation, and among the things they considered:</p>
<ul>
<li>Do I have as many friends as I should?</li>
<li>Do I spend enough time with the friends I have?</li>
<li>Why don't I have many friends?</li>
<li>How can I make more friends?</li>
<li>Is my work interfering too much with my social life?</li>
<li>Do I call my friends enough?</li>
<li>How often should I stay in touch with my friends?</li>
<li>Who haven't I spoken with in a while?</li>
<li>Do I have good friends?</li>
<li>How can I end my friendship with so-and-so?</li>
<li>Should I help my friends financially?</li>
</ul>
<p><img src="http://static3.businessinsider.com/image/558970bd69bedd1a59f6781f-1149-862/summer-businessmen-4.jpg" border="0" alt="summer businessmen"></p>
<h3>5. Business relationships</h3>
<p>Of course, business is also a prominent concern, and they continued to ask themselves the following:</p>
<ul>
<li>What can I do to improve my business relationships?</li>
<li>Am I staying in touch enough with my key customers, clients?</li>
<li>How can I develop a business relationship with so-and-so?</li>
<li>Which business relationships should I spend more time on and which ones should I pull away from?</li>
<li>Do my customers/clients like me?</li>
<li>Do they think I do a good job?</li>
</ul>
<p><img src="http://static1.businessinsider.com/image/55896fd16bb3f7b853a8b536-1200-924/running-42.jpg" border="0" alt="running"></p>
<h3>6. Health</h3>
<p>They also focused on health issues, asking:</p>
<ul>
<li>Am I exercising enough?</li>
<li>Should I lose more weight?</li>
<li>Do I eat too much?</li>
<li>Am I eating healthfully?</li>
<li>Should I get a physical?</li>
<li>Should I take vitamins/supplements?</li>
<li>Should I schedule a colonoscopy?</li>
<li>Are my arteries clogged?</li>
<li>Do I get enough sleep?</li>
<li>Do I drink too much?</li>
<li>What can I do to stop smoking?</li>
<li>How can I cut back on junk food and&nbsp;<a href="http://blog.credit.com/2015/05/how-one-family-saved-4800-on-food-in-a-year-115604/?utm_source=BI&amp;utm_medium=content&amp;utm_content=IB_5&amp;utm_campaign=questions_successful_ask" title="How One Family Saved $4,800 on Food in a Year">eat more vegetables</a>?</li>
</ul>
<p><img src="http://static6.businessinsider.com/image/55896f576bb3f7494da8b538-1200-924/woman-beach-thinking.jpg" border="0" alt="woman beach thinking"></p>
<h3>7. Dream-setting &amp; goal-setting</h3>
<p>Most of the brainstorming involved their personal, financial, family and career dreams and goals, including dreams of retiring on a beach, buying a boat, expanding their business, buying vacation homes, etc.</p>
<ul>
<li>What are my dreams and goals for the future?</li>
<li>What do I need to do to get there?</li>
</ul>
<p><img src="http://static6.businessinsider.com/image/558971d8ecad04fd66af4d50-913-685/thinking-37.jpg" border="0" alt="thinking"></p>
<h3>8. Problems</h3>
<p>Here they brainstormed primarily about finding solutions to those problems that were causing them the most stress at the moment. Most were immediate problems related to their jobs and family. Some were longer-term and related to preempting future potential problems they were anticipating down the road most often related to their careers.</p>
<p><img src="http://static3.businessinsider.com/image/558972826da81194635f9070-1200-924/foodbank2-2.jpg" border="0" alt="foodbank2"></p>
<h3>9. Charity</h3>
<p>They also try to make sure they're giving back to their community, so they asked themselves:</p>
<ul>
<li>What other charities can I get involved in?</li>
<li>Am I doing enough for my church, business group, synagogue, etc.?</li>
<li>How can I best help my community?</li>
<li>What can I do to help my grammar school, high school, college, etc.?</li>
<li>Should I start a scholarship?</li>
<li>Should I contribute more money to my school or church?</li>
<li>Who can I help?</li>
</ul>
<p><img src="http://static1.businessinsider.com/image/55896cf8eab8eae9754c3a5f-1200-924/man-introspective.jpg" border="0" alt="man introspective"></p>
<h3>10. Happiness</h3>
<p>Finally … the ever-important happiness factor. They checked in with these questions:</p>
<ul>
<li>Am I happy?</li>
<li>What is causing me to be unhappy?</li>
<li>How can I eliminate those things that are making me unhappy?</li>
<li>Is my spouse happy?</li>
<li>Are my kids happy?</li>
<li>Are my employees or staff happy?</li>
<li>How can I make myself happier?</li>
<li>What is happiness?</li>
<li>Will I ever be happy?</li>
<li>What's making me so happy?</li>
</ul>
<p>That's a lot of thinking, I know. There are a lot of days in the year, however, to brainstorm with yourself. You just need to make it a daily habit. Eventually, over time you will come up with solutions to your most pressing problems. You will gain insight into what makes you tick. Planned daily thinking will help you find some meaning to your life.</p>
<p>Making a daily habit of thinking&nbsp;is what self-made millionaires do. It's an important piece of the success puzzle. Understanding why they do it is less important than understanding that they&nbsp;<em>do</em>&nbsp;do it. Every day.</p>
<p class="p1"><em>This story is an Op/Ed contribution to Credit.com and does not necessarily represent the views of the company or its partners.</em></p>
<h3>More from Credit.com</h3>
<ul>
<li><a href="http://www.credit.com/personal-finance/5-habits-of-successful-savers-investors/?utm_source=BI&amp;utm_medium=content&amp;utm_content=BO_1&amp;utm_campaign=questions_successful_ask">5 Habits of Successful Savers &amp; Investors</a></li>
<li><a href="http://www.credit.com/credit-reports/how-credit-impacts-your-day-to-day-life/?utm_source=BI&amp;utm_medium=content&amp;utm_content=BO_2&amp;utm_campaign=questions_successful_ask">How Credit Impacts Your Daily Life</a></li>
<li><a href="http://www.credit.com/personal-finance/retrain-your-brain-to-cut-debt-build-wealth/?utm_source=BI&amp;utm_medium=content&amp;utm_content=BO_3utm_campaign=questions_successful_ask">How to Retrain Your Brain to Cut Debt &amp; Build Wealth</a></li>
<li><a href="http://www.credit.com/tools/lifetime-cost-of-debt/?utm_source=BI&amp;utm_medium=content&amp;utm_content=BO_4&amp;utm_campaign=questions_successful_ask">The Lifetime Cost of Debt Calculator</a></li>
</ul><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/financial-health-quiz-2015-1" >These 5 Questions Can Determine How Financially Healthy You Are</a></strong></p>
<p><a href="http://www.businessinsider.com/what-self-made-millionaires-think-about-every-day-2015-6#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/new-air-force-one-tour-boeing-private-jet-2015-5">Take a tour of the $367 million jet that will soon be called Air Force One</a></p> http://www.businessinsider.com/what-self-made-millionaires-think-about-every-day-2015-6What self-made millionaires think about every dayhttp://www.businessinsider.com/what-self-made-millionaires-think-about-every-day-2015-6
Tue, 23 Jun 2015 13:08:02 -0400Thomas C. Corley
<p><img style="float:right;" src="http://static5.businessinsider.com/image/55896eba6da811fb515f9064-908-681/meditation-36.jpg" border="0" alt="meditation"></p><p>One of the things that stood out from&nbsp;<a href="http://richhabits.net/parents-of-self-made-millionaires-share-their-secrets/" target="_blank">my Rich Habits Study</a>&nbsp;was how important thinking was to self-made millionaires.</p>
<p>I tracked 10 different types of thinking habits these millionaires engaged in frequently, if not daily.</p>
<p>From my research, it was so evident that thinking was&nbsp;<a href="http://www.credit.com/personal-finance/retrain-your-brain-to-cut-debt-build-wealth/?utm_source=BI&amp;utm_medium=content&amp;utm_content=IB_2&amp;utm_campaign=questions_successful_ask" title="Retrain Your Brain to Cut Debt and Build Wealth">fundamental to their success</a>&nbsp;that I decided it needed to become one of what I call the 10 Keystone Rich Habits.</p>
<p>When self-made millionaires think, they do so in isolation, closed off from the world.</p>
<p>Most engaged in their daily thinking habits in the morning, some during their commute in their car, others in the shower, and still others at night.</p>
<p>Morning seemed to be the most dominant time frame, however.</p>
<p>Typically, immediately upon waking, these self-made millionaires would find a quiet space and think for about 15 to 30 minutes.</p>
<p>What did they think about?</p>
<p>Well, they thought about a lot of things and when they thought, they thought in a way that most would refer to as brainstorming.</p>
<p>They spent time every day brainstorming with themselves about numerous things. I was able to boil down those brainstorming sessions into 10 core Rich Thinking Habit categories. Here they are, and the corresponding 83 questions the rich ask themselves.</p>
<p><img src="http://static3.businessinsider.com/image/55897022eab8ea2f084c3a60-1200-924/man-working-on-laptop.jpg" border="0" alt="man working on laptop"></p>
<h3>1. Career</h3>
<p>Some of the questions they asked themselves included:</p>
<ul>
<li>What can I do to make more money?</li>
<li>How can I increase my value to my clients, customers or my employer?</li>
<li>What do I need to do in order to gain more expertise?</li>
<li>What additional skills do I need?</li>
<li>What things should I be reading more about?</li>
<li>Do I like what I do?</li>
<li>What do I love to do?</li>
<li>Can I make money doing what I love to do?</li>
<li>Should I change careers?</li>
<li>Should I work more – or fewer — hours?</li>
<li>Do I work hard enough?</li>
<li>Am I lazy?</li>
<li>What am I really good at?</li>
<li>What am I really&nbsp;<em>bad</em>&nbsp;at?</li>
<li>Does my job make me happy?</li>
</ul>
<p><img src="http://static3.businessinsider.com/image/55896d466da811844b5f9066-1200-924/freelancing-2.jpg" border="0" alt="freelancing"></p>
<h3>2. Finances</h3>
<p>When it comes to their money, here are some of the questions they contemplated:</p>
<ul>
<li>Do I spend too much money?</li>
<li>Am I saving enough money?</li>
<li>Will I have enough to retire on?</li>
<li>How much will I need to retire on?</li>
<li>Do I have&nbsp;<a href="http://richhabits.net/3-kids-through-college-heres-what-it-cost-me/" target="_blank">enough set aside for college for my kids</a>?</li>
<li>How much do I actually spend each month?</li>
<li>Should I create a budget?</li>
<li>Should I revise my budget?</li>
<li>Am I&nbsp;<a href="http://www.credit.com/personal-finance/5-habits-of-successful-savers-investors/?utm_source=BI&amp;utm_medium=content&amp;utm_content=IB_4&amp;utm_campaign=questions_successful_ask" title="5 Habits of Successful Savers &amp; Investors">doing a good job investing our money</a>?</li>
<li>Is my spouse doing a good job investing our money?</li>
<li>Am I paying too much in taxes?</li>
<li>Do I have enough life insurance?</li>
<li>Should I set up a trust for my kids?</li>
</ul>
<p><img src="http://static6.businessinsider.com/image/5589704cecad049e62af4d50-1200-924/family-40.jpg" border="0" alt="family"></p>
<h3>3. Family</h3>
<p>They also asked themselves:</p>
<ul>
<li>Do I spend enough time with my family?</li>
<li>Can I work less and spend more time with my family?</li>
<li>Are we spoiling our kids?</li>
<li>Are we too hard on our kids?</li>
<li>Can I get away for a family vacation this year?</li>
<li>Are we doing enough to help our kids succeed?</li>
<li>How can I&nbsp;<a href="http://www.credit.com/credit-reports/what-happens-to-your-credit-when-you-get-married/?utm_source=BI&amp;utm_medium=content&amp;utm_content=IB_6&amp;utm_campaign=questions_successful_ask" title="What Happens To Your Credit When You Get Married?">improve my relationship with my spouse</a>, my kids?</li>
</ul>
<p><img src="http://static6.businessinsider.com/image/5589709b6bb3f7cb54a8b532-800-600/friends-40.jpg" border="0" alt="friends"></p>
<h3>4. Friends</h3>
<p>Social life is also an important part of the equation, and among the things they considered:</p>
<ul>
<li>Do I have as many friends as I should?</li>
<li>Do I spend enough time with the friends I have?</li>
<li>Why don't I have many friends?</li>
<li>How can I make more friends?</li>
<li>Is my work interfering too much with my social life?</li>
<li>Do I call my friends enough?</li>
<li>How often should I stay in touch with my friends?</li>
<li>Who haven't I spoken with in a while?</li>
<li>Do I have good friends?</li>
<li>How can I end my friendship with so-and-so?</li>
<li>Should I help my friends financially?</li>
</ul>
<p><img src="http://static3.businessinsider.com/image/558970bd69bedd1a59f6781f-1149-862/summer-businessmen-4.jpg" border="0" alt="summer businessmen"></p>
<h3>5. Business relationships</h3>
<p>Of course, business is also a prominent concern, and they continued to ask themselves the following:</p>
<ul>
<li>What can I do to improve my business relationships?</li>
<li>Am I staying in touch enough with my key customers, clients?</li>
<li>How can I develop a business relationship with so-and-so?</li>
<li>Which business relationships should I spend more time on and which ones should I pull away from?</li>
<li>Do my customers/clients like me?</li>
<li>Do they think I do a good job?</li>
</ul>
<p><img src="http://static1.businessinsider.com/image/55896fd16bb3f7b853a8b536-1200-924/running-42.jpg" border="0" alt="running"></p>
<h3>6. Health</h3>
<p>They also focused on health issues, asking:</p>
<ul>
<li>Am I exercising enough?</li>
<li>Should I lose more weight?</li>
<li>Do I eat too much?</li>
<li>Am I eating healthfully?</li>
<li>Should I get a physical?</li>
<li>Should I take vitamins/supplements?</li>
<li>Should I schedule a colonoscopy?</li>
<li>Are my arteries clogged?</li>
<li>Do I get enough sleep?</li>
<li>Do I drink too much?</li>
<li>What can I do to stop smoking?</li>
<li>How can I cut back on junk food and&nbsp;<a href="http://blog.credit.com/2015/05/how-one-family-saved-4800-on-food-in-a-year-115604/?utm_source=BI&amp;utm_medium=content&amp;utm_content=IB_5&amp;utm_campaign=questions_successful_ask" title="How One Family Saved $4,800 on Food in a Year">eat more vegetables</a>?</li>
</ul>
<p><img src="http://static6.businessinsider.com/image/55896f576bb3f7494da8b538-1200-924/woman-beach-thinking.jpg" border="0" alt="woman beach thinking"></p>
<h3>7. Dream-setting &amp; goal-setting</h3>
<p>Most of the brainstorming involved their personal, financial, family and career dreams and goals, including dreams of retiring on a beach, buying a boat, expanding their business, buying vacation homes, etc.</p>
<ul>
<li>What are my dreams and goals for the future?</li>
<li>What do I need to do to get there?</li>
</ul>
<p><img src="http://static6.businessinsider.com/image/558971d8ecad04fd66af4d50-913-685/thinking-37.jpg" border="0" alt="thinking"></p>
<h3>8. Problems</h3>
<p>Here they brainstormed primarily about finding solutions to those problems that were causing them the most stress at the moment. Most were immediate problems related to their jobs and family. Some were longer-term and related to preempting future potential problems they were anticipating down the road most often related to their careers.</p>
<p><img src="http://static3.businessinsider.com/image/558972826da81194635f9070-1200-924/foodbank2-2.jpg" border="0" alt="foodbank2"></p>
<h3>9. Charity</h3>
<p>They also try to make sure they're giving back to their community, so they asked themselves:</p>
<ul>
<li>What other charities can I get involved in?</li>
<li>Am I doing enough for my church, business group, synagogue, etc.?</li>
<li>How can I best help my community?</li>
<li>What can I do to help my grammar school, high school, college, etc.?</li>
<li>Should I start a scholarship?</li>
<li>Should I contribute more money to my school or church?</li>
<li>Who can I help?</li>
</ul>
<p><img src="http://static1.businessinsider.com/image/55896cf8eab8eae9754c3a5f-1200-924/man-introspective.jpg" border="0" alt="man introspective"></p>
<h3>10. Happiness</h3>
<p>Finally … the ever-important happiness factor. They checked in with these questions:</p>
<ul>
<li>Am I happy?</li>
<li>What is causing me to be unhappy?</li>
<li>How can I eliminate those things that are making me unhappy?</li>
<li>Is my spouse happy?</li>
<li>Are my kids happy?</li>
<li>Are my employees or staff happy?</li>
<li>How can I make myself happier?</li>
<li>What is happiness?</li>
<li>Will I ever be happy?</li>
<li>What's making me so happy?</li>
</ul>
<p>That's a lot of thinking, I know. There are a lot of days in the year, however, to brainstorm with yourself. You just need to make it a daily habit. Eventually, over time you will come up with solutions to your most pressing problems. You will gain insight into what makes you tick. Planned daily thinking will help you find some meaning to your life.</p>
<p>Making a daily habit of thinking&nbsp;is what self-made millionaires do. It's an important piece of the success puzzle. Understanding why they do it is less important than understanding that they&nbsp;<em>do</em>&nbsp;do it. Every day.</p>
<p class="p1"><em>This story is an Op/Ed contribution to Credit.com and does not necessarily represent the views of the company or its partners.</em></p>
<h3>More from Credit.com</h3>
<ul>
<li><a href="http://www.credit.com/personal-finance/5-habits-of-successful-savers-investors/?utm_source=BI&amp;utm_medium=content&amp;utm_content=BO_1&amp;utm_campaign=questions_successful_ask">5 Habits of Successful Savers &amp; Investors</a></li>
<li><a href="http://www.credit.com/credit-reports/how-credit-impacts-your-day-to-day-life/?utm_source=BI&amp;utm_medium=content&amp;utm_content=BO_2&amp;utm_campaign=questions_successful_ask">How Credit Impacts Your Daily Life</a></li>
<li><a href="http://www.credit.com/personal-finance/retrain-your-brain-to-cut-debt-build-wealth/?utm_source=BI&amp;utm_medium=content&amp;utm_content=BO_3utm_campaign=questions_successful_ask">How to Retrain Your Brain to Cut Debt &amp; Build Wealth</a></li>
<li><a href="http://www.credit.com/tools/lifetime-cost-of-debt/?utm_source=BI&amp;utm_medium=content&amp;utm_content=BO_4&amp;utm_campaign=questions_successful_ask">The Lifetime Cost of Debt Calculator</a></li>
</ul><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/financial-health-quiz-2015-1" >These 5 Questions Can Determine How Financially Healthy You Are</a></strong></p>
<p><a href="http://www.businessinsider.com/what-self-made-millionaires-think-about-every-day-2015-6#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/new-air-force-one-tour-boeing-private-jet-2015-5">Take a tour of the $367 million jet that will soon be called Air Force One</a></p> http://www.businessinsider.com/a-financial-planner-shares-his-favorite-trick-to-stay-motivated-about-your-money-goals-2015-6A financial planner shares his favorite trick to stay motivated about your money goalshttp://www.businessinsider.com/a-financial-planner-shares-his-favorite-trick-to-stay-motivated-about-your-money-goals-2015-6
Tue, 09 Jun 2015 11:10:32 -0400Tom Gilmour, CFP
<p><span style="line-height: 1.5em;"><img style="float:right;" src="http://static3.businessinsider.com/image/5576f517ecad044e1b45a3de-1200-924/running-40.jpg" border="0" alt="running">Six months.</span></p>
<p>If you set a major money goal at the start of the new year, that's how long you've now been working on your resolution.</p>
<p>But even if you've been thoroughly dedicated to achieving your goal thus far, I find that, for many people, money motivation starts to go M.I.A. this time of year.</p>
<p>Money goals? What money goals? It's the start of summer, after all!</p>
<p>But in all seriousness, losing steam at the six-month mark isn't uncommon — especially if you're tackling big-ticket goals, like getting on track for retirement or shoring up a down payment for a home.</p>
<p>The reason? Even if you're setting aside a significant amount of money each month, you likely won't hit your goal for a good while longer — which can be a serious de-motivator.</p>
<p>That's why I'm sharing a quick tip I often mention to clients struggling with motivation at the six-month mark: Reframe your goals into smaller <a href="http://www.learnvest.com/knowledge-center/the-secret-to-conquering-big-debt-123/" target="_blank">quick wins</a> — which give you something to celebrate along the way to your ultimate goal.</p>
<h3><strong>Why it works</strong></h3>
<p>Whether you're plugging away at a work project or training for a marathon, it's difficult to stay dedicated to <em>anything</em> for long if you don't feel like you're moving forward.</p>
<p>Researchers at Harvard dub this phenomenon the '<a href="https://hbr.org/2011/05/the-power-of-small-wins" target="_blank">progress principle</a>.' The idea is that the more people feel like they're making progress, the more productive they'll actually be in the long run.</p>
<p>Case in point: One 2014 Northwestern University <a href="http://insight.kellogg.northwestern.edu/article/to_beat_debt_consider_starting_small/?utm_source=InsightEmail&amp;utm_medium=email&amp;utm_content=insight_article1&amp;utm_campaign=Insight-2014-01" target="_blank">study</a> found that borrowers who paid down smaller loans first were more likely to pay off their total debt than those who tackled larger balances from the get-go. The reasoning is that paying off smaller loans gave them a sense of achievement early on — and kept them motivated.</p>
<p><img src="http://static1.businessinsider.com/image/5576f7a06bb3f7845be55aea-1200-600/man-hiking-mountains-8.jpg" border="0" alt="man hiking mountains"></p>
<h3><strong>How to get started</strong></h3>
<p>I often recommend the "quick win" approach for two key money goals: <a href="http://www.learnvest.com/knowledge-center/i-want-to-create-a-plan-for-paying-off-debt/" target="_blank">paying off credit card debt</a> and <a href="http://www.learnvest.com/knowledge-center/emergency-fund-101/" target="_blank">building an emergency fund</a>.</p>
<p>I regularly see people struggling with these long-term goals, so I find it's useful to break them down into mini milestones.</p>
<p>For instance, as the Northwestern University study suggests, when it comes to eliminating credit card debt across multiple accounts, paying off the card with the smallest balance first — often referred to as the '<a href="http://www.investopedia.com/terms/s/snowball.asp" target="_blank">snowball method</a>' — can help with motivation.</p>
<p>Of course, the quick win strategy is primarily meant to provide a behavioral boost.</p>
<p>If you focus on paying down your highest interest rate debt first, it will cost you less in the long run. But if this leaves you feeling stuck because you're spending so much time chipping away at one loan, then switching to the snowball method might provide the motivational fuel you need to tackle all of your debt.</p>
<p>As for applying this method to emergency funds, I usually advise people to save three to nine months' worth of take-home pay — but I recommend celebrating once you hit the one-month milestone, even if it's just treating yourself to a dinner out. This will help keep you focused on then nailing your goal at the two-month mark.</p>
<p>Best of all, the quick-win strategy can be applied to more than just massive goals. You can set up even smaller targets, like successfully completing a "<a href="http://www.learnvest.com/2012/09/how-the-0-day-can-help-you-reach-your-financial-goals/" target="_blank">$0 day</a>," in which you resolve to go 24 hours without spending a single dime.</p>
<p>Hitting these types of mini milestones can give you that powerful feeling of making progress, which can help motivate you to take on — and achieve — even bigger goals.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/this-mental-trick-could-motivate-you-to-save-more-money-2014-5" >This Mental Trick Could Motivate You To Save More Money</a></strong></p>
<p><a href="http://www.businessinsider.com/a-financial-planner-shares-his-favorite-trick-to-stay-motivated-about-your-money-goals-2015-6#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/game-of-thrones-stars-real-life-2015-4">Here's what 'Game of Thrones' stars look like in real life</a></p> http://www.businessinsider.com/why-smart-women-get-stuck-at-work-2015-6Why smart women are more likely to get stuck at workhttp://www.businessinsider.com/why-smart-women-get-stuck-at-work-2015-6
Mon, 01 Jun 2015 16:05:00 -0400
<p><img style="float:right;" src="http://static2.businessinsider.com/image/556ca0a5eab8ea1233b5ebbe-600-/women-networking-4.jpg" border="0" alt="women networking" width="600"></p><p>Do you ever ask yourself, "What should I do with my life?" or, "What can I do that is more meaningful?" Or, "I haven’t been employed in a long time — who would want to hire me?"</p>
<p>It can be daunting to make big improvements in your life, such as finding a new job or switching careers. And, when you're already busy, stretched, and overloaded, it can feel downright impossible.</p>
<p>In this&nbsp;<a href="https://www.ellevatenetwork.com/">Ellevate Network</a>&nbsp;Jam Session,&nbsp;<a href="http://www.lifejunctions.com/about/">Stacy Kim, Ph.D, founder of Life Junctions coaching practice</a>&nbsp;and author of "The&nbsp;Lighthouse Method," explains why smart women tend to be more prone to getting stuck. Stacy shares concrete steps for starting on a new path and prepares you for possible pitfalls.<span style="line-height: 1.5em;">&nbsp;</span></p>
<h3>Why smart women tend to get stuck</h3>
<p>People often tend to get stuck when making life improvements, such as finding a new job or switching careers, because they believe its necessary to follow a “plan-and-prepare-first” method. They analyze all the options, set goals and create a well thought-out, perfect plan. This may have worked well while attending school and feel like a logical way to approach a new endeavor.</p>
<p>However, many major life improvements and career trajectories rarely have clear paths or destinations. If you don’t know where you’re going, it’s really difficult to create a map.</p>
<p>Also, since smart women often do things well, people often rely on them, whether its juggling multiple responsibilities or projects at work or caring for family. You may often put others first and not have the time to focus on yourself. This can lead women to feel overloaded and depleted and make it more difficult to try something new.<span style="line-height: 1.5em;">&nbsp;</span></p>
<h3>Pursuing a new path by using The Lighthouse Method</h3>
<p>Stacy Kim, Ph.D recently wrote a book called "<a href="http://www.lighthousemethod.com/">The Lighthouse Method</a>."&nbsp;It describes how she and numerous clients discovered successful ways to get unstuck and find rewarding new careers.</p>
<p>The Lighthouse Method is an allegory for finding that new path. When you are trying to go out there and do something new and make a major change or improvement in your life, it’s dark and you can’t fully see the path ahead.</p>
<p>For example, imagine you are standing on the shore at night. All you may be able to see is a glimmer of light from a lighthouse in the distance. "The Lighthouse Method"<em>&nbsp;</em>calls for you to abandon maps, aim for the lighthouse, and row.<span style="line-height: 1.5em;">&nbsp;</span></p>
<p>The Lighthouse Method consists of five strategies:</p>
<h3>1. Lose the map</h3>
<p>If you don’t know where the lighthouse is, you can’t draw a map so stop analyzing, action planning and goal setting — and just plunge or dive in.</p>
<h3>2. Less pain, more gain</h3>
<p>Don’t row upstream, row with the flow. The idea of this strategy is to do things that bring you joy and to build on what’s going right. That means trying to get rid of or reduce anything that is giving you pain, as well as figuring out what you want to do.</p>
<p>It’s also critical to find time to enjoy, to play, and to relax. Doing more activities you like will bring enjoyment to your daily life and give you hints on where your talents lie.<span style="line-height: 1.5em;">&nbsp;</span></p>
<p><span style="line-height: 1.5em;"><img src="http://static3.businessinsider.com/image/553e53d9eab8ea814302d98e-1200-800/young%20professional%20women.jpg" border="0" alt="young professional women" width="800"></span></p>
<h3>3. Bigger is not better</h3>
<p>There is no need to go deep diving right away. Start off by just dipping your feet in the water. For example, instead of focusing on not having a job, take small steps such as reaching out to contact or following up with a lead. Baby steps are far better than overwhelming leaps not taken.<span style="line-height: 1.5em;">&nbsp;</span></p>
<h3>4. Take your eyes off the prize</h3>
<p>Don’t try to keep figuring out what the lighthouse looks like when you reach it — focus on the rowing, stroke by stroke. When we focus or just hone in on the lighthouse, it creates stress and locks up creativity. Try to focus on the small steps instead.</p>
<h3>5. Quitting can be a good thing</h3>
<p>After you start rowing and heading to lighthouse, you can begin to see things differently and may need to adjust your direction. Such scenarios include:</p>
<ul>
<li><em>Switching lighthouses:&nbsp;</em>You may discover that there are things in your way or that you actually want to head toward a different path.</li>
<li><em>Lighthouses at home:&nbsp;</em>Sometimes when you introduce more enjoyable activities outside your job, you may realize that the current work situation is not so bad.</li>
<li><em>Letting go of anchors:&nbsp;</em>This includes letting go of old ideas and belief systems. Success can be defined in many ways. There are many paths to success. And sometimes you just need to let go of that anchor and path in order to move forward.</li>
</ul>
<p><em>For more successful ways to find a rewarding new career, you can&nbsp;<a href="https://www.ellevatenetwork.com/events/3906">view this Ellevate Network Jam Session.</a>&nbsp;Visit Stacy Kim’s website and join her email list <a href="http://www.lifejunctions.com/about/">here</a>. You can also check out her book,&nbsp;"<a href="http://www.lighthousemethod.com/">The Lighthouse Method</a>."</em></p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/what-successful-people-do-on-monday-mornings-2015-6" >16 things successful people do on Monday mornings</a></strong></p>
<p><a href="http://www.businessinsider.com/why-smart-women-get-stuck-at-work-2015-6#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/what-happens-after-black-widow-spider-bite-poison-2015-4">Here's what happens when you get bitten by a black widow</a></p> http://www.businessinsider.com/the-money-goals-everyone-should-have-2015-5A financial planner outlines the top 10 money goals everyone should havehttp://www.businessinsider.com/the-money-goals-everyone-should-have-2015-5
Sat, 30 May 2015 10:00:00 -0400Jeff Rose
<p><img style="float:right;" src="http://static6.businessinsider.com/image/5568788d69beddc46fa0e1b5-413-310/woman-dock.jpg" border="0" alt="woman dock"></p><p>If you haven't realized this yet, I'm kind of a <a href="http://www.goodfinancialcents.com/goal-setting-worksheet/">goal setting freak</a>.</p>
<p>Some people do New Year's resolutions.</p>
<p>That's great, but I think you need to revisit your goals on a more consistent basis. &nbsp;</p>
<p>For me, that's every 90 days.</p>
<p>Other people don't bother to set goals.</p>
<p>They choose – unconsciously at least – to rely on luck.</p>
<p>Let's establish upfront that goals are something more substantial than dreams or wishes.</p>
<p>They can start with dreams or wishes, but they have an action plan behind them – something that spells out how we convert a desire into something real.</p>
<p>That's especially important when it comes to financial goals.</p>
<p>Since they require regular investments of&nbsp;money and effort over a long period of time, you need to have workable plan to bring them to reality.</p>
<p>Start by setting some financial goals. If you've never thought much about this, here are 10&nbsp;<strong>good financial goals</strong>&nbsp;that everyone should have.</p>
<p><img src="http://static5.businessinsider.com/image/556481adecad04652b0a15eb-1200-924/people-drinking-partying-in-milan-1.jpg" border="0" alt="People drinking, partying in Milan"></p>
<h3>1. Get out of debt – completely.</h3>
<p>The great thing about this goal is that anyone can do it, regardless of income or wealth level. And if you want to get the most out of your finances, it's virtually a requirement that you get out of debt.</p>
<p>For the moment, let's ignore the good-debt-versus-bad-debt debate. At some point in your life, all debt is bad debt and needs to be paid off. That includes the mortgage on your home. Although the purpose of that debt may be noble at the beginning, it's no less a drag on your income than any other debt as time goes on.</p>
<p>There are more reasons to get out of debt than I can list here, but here are just a few of them:</p>
<ul>
<li>Getting out of debt means that you'll have full control over your income – and that's an incredible feeling.</li>
<li>It will leave you with more money for savings and investing – and even more for spending.</li>
<li>It will remove the asterisk from your finances – <em>I make $X,000 per month, <strong>but</strong>&nbsp;$X00 has to go to pay my debts.</em></li>
<li>It will make it easier to quit a job you don't like.</li>
<li>It will free your mind of the worry and stress that come with debt.</li>
</ul>
<p>Before starting my career, I fell into the debt trap. &nbsp;I had accumulated over $20,ooo of student loan and credit card debt and I wasn't slowing down anytime soon. &nbsp;Thankfully, my girlfriend (now wife) helped me to see debt for what is really is – EVIL. &nbsp;After we were married, it became both of our goals to become debt free and never carry a credit card balance. &nbsp;I'm proud to say that after over 10 years of marriage, that's a goal that we've stuck to. &nbsp;Take that, Debt!</p>
<p class="note">You can set all of the good financial goals that you want, but it will be difficult to achieve any of if you are carrying a significant amount of debt for the rest of your life.</p>
<p class="note"><img src="http://static4.businessinsider.com/image/556481d66bb3f73c598988ac-1061-795/retirement-60.jpg" border="0" alt="Retirement"></p>
<h3>2. Plan for early retirement.</h3>
<p>When I started as a financial advisor and finally grasped the concept of compound interest, I was determined to put myself in situation where I could retire by the age of 50 if I wanted to. &nbsp;I don't know if I'll ever really retire, because I absolutely love what I do.</p>
<p>Even if you absolutely love what it is you do for a living,&nbsp;<a href="http://www.goodfinancialcents.com/3-early-retirement-planning-ideas/">planning for early retirement</a>&nbsp;is one of those top rated good financial goals.</p>
<p>Here's why:</p>
<ul>
<li>Reaching your retirement goals may take longer than you think; if you plan to retire at 50 you'll have plenty of time to make it by 65 in the event that you hit a few snags.</li>
<li>Poor health could make early retirement a necessity – if you've planned and prepared to retire early, then you will be ready.</li>
<li>Family circumstances often require more of your time, and early retirement will help you to have it.</li>
<li>Though you may not want to fully retire early, you may decide that you would like to downshift and not work so hard.</li>
<li>It's better to be able to retire early and not need to, than to need to retire early and not be able to.</li>
</ul>
<p>There's one other advantage to planning to retire early, and it's a big one. By working toward early retirement, you will be front-loading your retirement investment portfolio. That will give you a larger portfolio early, which will mean that you won't have to work so hard saving for retirement later in life when doing so may be more complicated.</p>
<p>For me that was&nbsp;<a href="http://www.goodfinancialcents.com/best-places-to-open-a-roth-ira/" target="_blank">opening a Roth IRA</a>&nbsp;and maxing it out. &nbsp;My wife, too. &nbsp;In addition I was putting as much money into my 401k that I could. &nbsp;Trust me. &nbsp;As a brand new financial advisor I wasn't making much but I still manage to prioritize my spending and save a significant amount. &nbsp;Early in my career I had witnessed too many couples in their 60's that hadn't save enough to retire at all, yet retire early. &nbsp;I made it a goal (and a mission) that I wouldn't let that happen to me.</p>
<p><img src="http://static4.businessinsider.com/image/5564820c6bb3f7b25e8988ac-1081-811/people-working-on-laptops-in-cafe-10.jpg" border="0" alt="People Working on Laptops in Cafe"></p>
<h3>3. Have a well-stocked emergency fund.</h3>
<p>We normally think of having an emergency fund as being a short-term financial goal. And from a mechanical standpoint, that's true. However, an emergency fund has important long-term benefits, which is why it's one of the good financial goals that you should plan to achieve.</p>
<p>Here are just some of the benefits that a well-stocked emergency fund can provide you with throughout your life:</p>
<ul>
<li>It can take away a lot of the money worries that you have, since you know that you will always have a reserve should you get into a tight spot.</li>
<li>As is expected of an emergency fund, it will be there to cushion the blow in the event of a sudden emergency, such as a job loss or a large medical expense.</li>
<li>It's an important money management tool – if you can save money for an emergency fund, then you can save money for any financial goal that you have.</li>
<li>It provides you with an intermediate funding source – a kind of halfway point between your paycheck and your investment accounts – that you can use so that you don't have to disturb your long-term investments.</li>
<li>Just having an emergency fund will make the wide swings in the stock market more emotionally tolerable, knowing that your survival isn't at stake when the market falls.</li>
</ul>
<p>For us, having an adequate emergency fund has offered reassurance in many life situations. Most notably was having our first son,&nbsp;<a href="http://www.goodfinancialcents.com/23-ways-to-save-money-building-your-dream-home/" target="_blank">building our dream home</a>&nbsp;and&nbsp;<a href="http://www.goodfinancialcents.com/start-financial-planning-investment-business-firm-practice/" target="_blank">starting my own investment firm</a>.</p>
<p>When you consider all that comes from having a strong emergency fund, it should move it up the priority ladder a few rungs. Here are some the&nbsp;<a href="http://www.goodfinancialcents.com/top-savings-accounts-interest-rates/">top savings account options for your emergency fund</a>.</p>
<p><img src="http://static2.businessinsider.com/image/5564825869bedd9954aea4cd-1061-796/wealthy-old-people-picnic-2.jpg" border="0" alt="Wealthy Old People Picnic"></p>
<h3>4. Create multiple income streams.</h3>
<p>Even if you love your job, creating multiple income streams is a form of <strong>income insurance</strong>. For that reason alone, it needs to be on your list of good financial goals.</p>
<p>But here are even more reasons:</p>
<ul>
<li>One of those income streams could be the part-time cash flow that enables you to semi-retire at an early age.</li>
<li>If you want to&nbsp;<a href="http://www.goodfinancialcents.com/lessons-learned-starting-business/" target="_blank">start your own business</a>&nbsp;– but don't want to quit your job – starting a<a href="http://www.goodfinancialcents.com/ways-to-make-money-earn-extra-income/" target="_blank">side business</a>&nbsp;could be the way to do it.</li>
<li>The extra cash flow from any additional income stream could be used to help fund your retirement savings.</li>
<li>It could also be used to help you pay off your debts.</li>
<li>Several income streams could provide you with an income portfolio, that means that you're not dependent on a single source of income – ever!</li>
</ul>
<p>Reading<em>&nbsp;Rich Dad, Poor Dad</em>&nbsp;was a defining moment for me. &nbsp;Before then I was oblivious to the concept of having multiple streams of income. &nbsp;Over the years, I dabbled in many side hustles looking for "it". &nbsp;That included a few multi-level marketing companies that proved to be a flop.</p>
<p>I eventually took a&nbsp;<a href="http://www.budgetsaresexy.com/2013/12/how-i-failed-buying-rental-property/" target="_blank">stab at real estate</a>&nbsp;and also failed miserable. &nbsp; Many would perceive these as failures, but I view them more as valuable life lessons that eventually led me to starting this blog. &nbsp;Now I have more than a few sites that yield over 6 figures per year. &nbsp;Not too shabby for a guy that had no web marketing experience before I started.</p>
<p>Give this goal some serious thought, even if you've never considered it before. It's a goal that could open the door to a lot of other goals.</p>
<p><img src="http://static1.businessinsider.com/image/5564826feab8ea0b1c1bb2de-1198-898/woman-on-phone-in-street-2.jpg" border="0" alt="woman on phone in street"></p>
<h3>5. Have enough – but not too much – insurance to cover contingencies.</h3>
<p>Insurance is something of a tough call. A lot of people don't have nearly enough coverage, while many others are paying too much for the coverage that they have. Striking a balance between the two is another of those&nbsp;good financial goals.</p>
<p>Here are some strategies in striking that balance:</p>
<ul>
<li>Where&nbsp;<a href="http://www.goodfinancialcents.com/insurance/life">life insurance</a>&nbsp;is concerned, stick with term life insurance – it's cheaper so you can buy as much as you need. Just make sure that you're not buying so much life insurance that you'll be worth more dead than you are alive; it's just an expense you don't need to carry.</li>
<li>Unless mandated by state law, look into the carrying the lowest level of auto insurance possible, particularly&nbsp;if you have a long history as a safe driver.</li>
<li>Take the highest deductible you can on your&nbsp;<a href="http://www.goodfinancialcents.com/insurance/health">health insurance</a>, and make up the difference with an emergency fund that is large enough to cover that deductible – if you seldom use your health coverage, you'll be way ahead from the lower premiums.</li>
</ul>
<p>Part of your goal should be to work with a knowledgeable insurance agent on a regular basis to make sure that you have just enough – but never too much – insurance coverage. &nbsp;Oh by the way, did I mention that I'm also a co-founder of an&nbsp;<a href="http://www.jgrinsurance.com/">independent insurance agency</a>? &nbsp;</p>
<p><img src="http://static6.businessinsider.com/image/556483166da8118830ee93ba-800-600/people-partying-on-rooftop-1.jpg" border="0" alt="People Partying on Rooftop"></p>
<h3>6. Be able to live on less than you earn – no matter what.</h3>
<p>I've covered this topic in other articles, but it is well worth repeating here since it is one of the most&nbsp;necessary of all good financial goals. By learning to live on less than you earn – no matter what – you will always have plenty of income. That means that you'll have plenty of income for savings, investments, and for paying off debt.</p>
<p>It's important to always be on the hunt to increase your income. But that strategy will only be effective to the degree that you are able to live on less than you earn, so that you can put the difference to better use to improve your life.</p>
<p><img src="http://static4.businessinsider.com/image/5564838069beddb04faea4cf-1200-924/old-navy-shopper-3.jpg" border="0" alt="old navy shopper"></p>
<h3>7. End any addiction to stuff that you may have.</h3>
<p>This may not be a financial goal in and of itself, but it is an obstacle that will stand in the way of all good financial goals, no matter what they are.</p>
<p>An addiction to stuff can be like a financial parasite. A disproportionate amount of your income and financial reserves will go to pay for your need for stuff.</p>
<p>This will present several problems:</p>
<ul>
<li>Stuff needs to be stored, and as your pile of stuff grows, you will need an ever larger space to store it. That will likely see you looking to buy a bigger house every few years, with all of the expenses that come with it.</li>
<li>Stuff is a capital trap – it ties up your money, but generally provides no financial benefit.</li>
<li>Any money that goes into stuff, is money that is not going into productive investments.</li>
<li>While stuff can&nbsp;make you more comfortable, only income producing or growth oriented investments can improve your station in life.</li>
<li>During times of financial turmoil, you may become obsessed with protecting and maintaining your stuff, which is not at all what you need to focus on.</li>
<li>Stuff has a way of eating up time, so that you have less of it to spend on more productive activities.</li>
</ul>
<p>I love this quote from Joshua Becker, author of&nbsp;<em><a href="http://bit.ly/tFqhUz">Simplify: 7 Guiding Principles to Help Anyone Declutter Their Home and Life</a></em>,</p>
<blockquote>
<p>"Removing possessions begins to turn back our desire for more as we find freedom, happiness, and abundance in owning less. And removing ourselves from the all-consuming desire to own more creates opportunity for significant life change to take place."</p>
</blockquote>
<p>If you even suspect that you may have an addiction to stuff, then make&nbsp;it a financial goal to end that addiction once and for all. Your life will go better if you do.</p>
<p><img src="http://static3.businessinsider.com/image/556483a9eab8eaec271bb2de-1200-924/new-york-city-coffee-shop.jpg" border="0" alt="new york city coffee shop"></p>
<h3>8. A plan to do work that you love.</h3>
<p>Ultimately, the purpose of improving your finances should be to provide you with independence in your life. That means that it should afford you the ability to do what you want, when you want. If that isn't one of the good financial goals, then I don't know what is.</p>
<p>Getting out of debt, preparing for early retirement, developing multiple income streams, and ending your addiction to stuff, should clear the way for you to be able to do the kind of work that you really love. That should be true even if that work doesn't pay nearly as much as you're being paid now.</p>
<p>But that will be possible only if you have no debts to pay, if you can live on less than you earn, and if you have a large investment portfolio to back you up.</p>
<p>Why is doing work that you love a worthy financial goal? Very few people will actually be retiring to the beach for a life of blissful nothing, no&nbsp; matter what you see on TV. If nothing else, it's likely that you will work just as a matter of personal satisfaction – or an attempt to avoid boredom.</p>
<p>Since you will be working all of your life – one way or another – the work that you do shouldn't just be about earning money. It should be something that makes you feel good about your life, and good about the person you are.</p>
<p><img src="http://static5.businessinsider.com/image/556483d86da811b33aee93ba-1123-842/charity-food-drive-2.jpg" border="0" alt="charity food drive"></p>
<h3>9. Get comfortable sharing your good fortune.</h3>
<p>If you can't get comfortable sharing your good fortune with people&nbsp;who are&nbsp;less fortunate – perhaps out of fear that you will end up broke as a result –&nbsp;<em>then money has complete control over your life.</em>&nbsp;It doesn't matter how much money you amass in&nbsp;your life, it&nbsp;should never control you.</p>
<p>There are numerous reasons why giving to others will be good for you:</p>
<ul>
<li>Letting go of money affirms your power over it – because you know that it will come back.</li>
<li>Giving to those in need makes you part of the solution in the world, and not the problem.</li>
<li>Hoarding money is all about security – letting go of it is celebrating its value.</li>
<li>Giving to others just feels good – particularly the knowledge that you have the ability to do it.</li>
<li>Call it Karma, a higher power, what-goes-around-comes-around, or whatever you want, when you give you get – maybe not always in the form of money, but often in the form of friendship, personal satisfaction, or even help from others when you're in need.</li>
</ul>
<p>Is giving one of those good financial goals? I think that if you look at many of the most famous wealthy people the world, you will see a distinct pattern of giving to others along the way.</p>
<p><img src="http://static1.businessinsider.com/image/555f3901eab8ea4e1472d408-1200-924/house-130.jpg" border="0" alt="house"></p>
<h3>10. A plan to leave your financial house in order upon your death.</h3>
<p>However you live your life, it should be a goal to make sure that your loved ones are left at least a little bit better off as a result of your life. That means not only making adequate provisions for those who are dependent upon your financial resources, but also making sure that you don't leave them with a financial mess to clean up.</p>
<p>Here are some steps you can take to leave your financial house in order upon your death:</p>
<ul>
<li>As discussed in #5, make sure that you have&nbsp;<a href="http://www.goodfinancialcents.com/insurance">adequate insurance</a>, particularly life insurance.</li>
<li>Make sure all of your debts are paid, and if there are any large or unusual ones, by a term life insurance policy to payoff that debt upon your death.</li>
<li>Consider the impact of estate taxes, if your estate is large enough to be subject to them (insurance can cover that too).</li>
<li>Discuss the financial implications of your death with your loved ones, to make sure that everyone understands what you want to do, and also so that you will consider any concerns or insecurities that they may have.</li>
<li>Make sure that you have set an example of good financial management for your loved ones – what they learn from you will benefit them for the rest of their lives, and probably more than any amount of money you could leave them.</li>
</ul>
<p>Reaching a point of financial independence in life has nothing to do with luck or magic. It's simply a matter of setting good financial goals, and having a concrete plan as to how you will achieve them. Once that plan is established, and working toward those goals becomes part of the habits that make your life what it is, achieving financial independence can almost seem as if it's happening on automatic pilot.</p>
<p>But only if you make it happen.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/just-this-once-2015-5" >Know you're about to do something stupid if you tell yourself 3 little words</a></strong></p>
<p><a href="http://www.businessinsider.com/the-money-goals-everyone-should-have-2015-5#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/roar-filmed-with-100-untamed-lions-movie-injured-2015-4">70 people were injured while filming this movie with 100 untamed lions</a></p> http://www.businessinsider.com/the-money-goals-everyone-should-have-2015-5A financial planner outlines the top 10 money goals everyone should havehttp://www.businessinsider.com/the-money-goals-everyone-should-have-2015-5
Tue, 26 May 2015 13:03:00 -0400Jeff Rose
<p><img style="float:right;" src="http://static6.businessinsider.com/image/5568788d69beddc46fa0e1b5-413-310/woman-dock.jpg" border="0" alt="woman dock"></p><p>If you haven't realized this yet, I'm kind of a <a href="http://www.goodfinancialcents.com/goal-setting-worksheet/">goal setting freak</a>.</p>
<p>Some people do New Year's resolutions.</p>
<p>That's great, but I think you need to revisit your goals on a more consistent basis. &nbsp;</p>
<p>For me, that's every 90 days.</p>
<p>Other people don't bother to set goals.</p>
<p>They choose – unconsciously at least – to rely on luck.</p>
<p>Let's establish upfront that goals are something more substantial than dreams or wishes.</p>
<p>They can start with dreams or wishes, but they have an action plan behind them – something that spells out how we convert a desire into something real.</p>
<p>That's especially important when it comes to financial goals.</p>
<p>Since they require regular investments of&nbsp;money and effort over a long period of time, you need to have workable plan to bring them to reality.</p>
<p>Start by setting some financial goals. If you've never thought much about this, here are 10&nbsp;<strong>good financial goals</strong>&nbsp;that everyone should have.</p>
<p><img src="http://static5.businessinsider.com/image/556481adecad04652b0a15eb-1200-924/people-drinking-partying-in-milan-1.jpg" border="0" alt="People drinking, partying in Milan"></p>
<h3>1. Get out of debt – completely.</h3>
<p>The great thing about this goal is that anyone can do it, regardless of income or wealth level. And if you want to get the most out of your finances, it's virtually a requirement that you get out of debt.</p>
<p>For the moment, let's ignore the good-debt-versus-bad-debt debate. At some point in your life, all debt is bad debt and needs to be paid off. That includes the mortgage on your home. Although the purpose of that debt may be noble at the beginning, it's no less a drag on your income than any other debt as time goes on.</p>
<p>There are more reasons to get out of debt than I can list here, but here are just a few of them:</p>
<ul>
<li>Getting out of debt means that you'll have full control over your income – and that's an incredible feeling.</li>
<li>It will leave you with more money for savings and investing – and even more for spending.</li>
<li>It will remove the asterisk from your finances – <em>I make $X,000 per month, <strong>but</strong>&nbsp;$X00 has to go to pay my debts.</em></li>
<li>It will make it easier to quit a job you don't like.</li>
<li>It will free your mind of the worry and stress that come with debt.</li>
</ul>
<p>Before starting my career, I fell into the debt trap. &nbsp;I had accumulated over $20,ooo of student loan and credit card debt and I wasn't slowing down anytime soon. &nbsp;Thankfully, my girlfriend (now wife) helped me to see debt for what is really is – EVIL. &nbsp;After we were married, it became both of our goals to become debt free and never carry a credit card balance. &nbsp;I'm proud to say that after over 10 years of marriage, that's a goal that we've stuck to. &nbsp;Take that, Debt!</p>
<p class="note">You can set all of the good financial goals that you want, but it will be difficult to achieve any of if you are carrying a significant amount of debt for the rest of your life.</p>
<p class="note"><img src="http://static4.businessinsider.com/image/556481d66bb3f73c598988ac-1061-795/retirement-60.jpg" border="0" alt="Retirement"></p>
<h3>2. Plan for early retirement.</h3>
<p>When I started as a financial advisor and finally grasped the concept of compound interest, I was determined to put myself in situation where I could retire by the age of 50 if I wanted to. &nbsp;I don't know if I'll ever really retire, because I absolutely love what I do.</p>
<p>Even if you absolutely love what it is you do for a living,&nbsp;<a href="http://www.goodfinancialcents.com/3-early-retirement-planning-ideas/">planning for early retirement</a>&nbsp;is one of those top rated good financial goals.</p>
<p>Here's why:</p>
<ul>
<li>Reaching your retirement goals may take longer than you think; if you plan to retire at 50 you'll have plenty of time to make it by 65 in the event that you hit a few snags.</li>
<li>Poor health could make early retirement a necessity – if you've planned and prepared to retire early, then you will be ready.</li>
<li>Family circumstances often require more of your time, and early retirement will help you to have it.</li>
<li>Though you may not want to fully retire early, you may decide that you would like to downshift and not work so hard.</li>
<li>It's better to be able to retire early and not need to, than to need to retire early and not be able to.</li>
</ul>
<p>There's one other advantage to planning to retire early, and it's a big one. By working toward early retirement, you will be front-loading your retirement investment portfolio. That will give you a larger portfolio early, which will mean that you won't have to work so hard saving for retirement later in life when doing so may be more complicated.</p>
<p>For me that was&nbsp;<a href="http://www.goodfinancialcents.com/best-places-to-open-a-roth-ira/" target="_blank">opening a Roth IRA</a>&nbsp;and maxing it out. &nbsp;My wife, too. &nbsp;In addition I was putting as much money into my 401k that I could. &nbsp;Trust me. &nbsp;As a brand new financial advisor I wasn't making much but I still manage to prioritize my spending and save a significant amount. &nbsp;Early in my career I had witnessed too many couples in their 60's that hadn't save enough to retire at all, yet retire early. &nbsp;I made it a goal (and a mission) that I wouldn't let that happen to me.</p>
<p><img src="http://static4.businessinsider.com/image/5564820c6bb3f7b25e8988ac-1081-811/people-working-on-laptops-in-cafe-10.jpg" border="0" alt="People Working on Laptops in Cafe"></p>
<h3>3. Have a well-stocked emergency fund.</h3>
<p>We normally think of having an emergency fund as being a short-term financial goal. And from a mechanical standpoint, that's true. However, an emergency fund has important long-term benefits, which is why it's one of the good financial goals that you should plan to achieve.</p>
<p>Here are just some of the benefits that a well-stocked emergency fund can provide you with throughout your life:</p>
<ul>
<li>It can take away a lot of the money worries that you have, since you know that you will always have a reserve should you get into a tight spot.</li>
<li>As is expected of an emergency fund, it will be there to cushion the blow in the event of a sudden emergency, such as a job loss or a large medical expense.</li>
<li>It's an important money management tool – if you can save money for an emergency fund, then you can save money for any financial goal that you have.</li>
<li>It provides you with an intermediate funding source – a kind of halfway point between your paycheck and your investment accounts – that you can use so that you don't have to disturb your long-term investments.</li>
<li>Just having an emergency fund will make the wide swings in the stock market more emotionally tolerable, knowing that your survival isn't at stake when the market falls.</li>
</ul>
<p>For us, having an adequate emergency fund has offered reassurance in many life situations. Most notably was having our first son,&nbsp;<a href="http://www.goodfinancialcents.com/23-ways-to-save-money-building-your-dream-home/" target="_blank">building our dream home</a>&nbsp;and&nbsp;<a href="http://www.goodfinancialcents.com/start-financial-planning-investment-business-firm-practice/" target="_blank">starting my own investment firm</a>.</p>
<p>When you consider all that comes from having a strong emergency fund, it should move it up the priority ladder a few rungs. Here are some the&nbsp;<a href="http://www.goodfinancialcents.com/top-savings-accounts-interest-rates/">top savings account options for your emergency fund</a>.</p>
<p><img src="http://static2.businessinsider.com/image/5564825869bedd9954aea4cd-1061-796/wealthy-old-people-picnic-2.jpg" border="0" alt="Wealthy Old People Picnic"></p>
<h3>4. Create multiple income streams.</h3>
<p>Even if you love your job, creating multiple income streams is a form of <strong>income insurance</strong>. For that reason alone, it needs to be on your list of good financial goals.</p>
<p>But here are even more reasons:</p>
<ul>
<li>One of those income streams could be the part-time cash flow that enables you to semi-retire at an early age.</li>
<li>If you want to&nbsp;<a href="http://www.goodfinancialcents.com/lessons-learned-starting-business/" target="_blank">start your own business</a>&nbsp;– but don't want to quit your job – starting a<a href="http://www.goodfinancialcents.com/ways-to-make-money-earn-extra-income/" target="_blank">side business</a>&nbsp;could be the way to do it.</li>
<li>The extra cash flow from any additional income stream could be used to help fund your retirement savings.</li>
<li>It could also be used to help you pay off your debts.</li>
<li>Several income streams could provide you with an income portfolio, that means that you're not dependent on a single source of income – ever!</li>
</ul>
<p>Reading<em>&nbsp;Rich Dad, Poor Dad</em>&nbsp;was a defining moment for me. &nbsp;Before then I was oblivious to the concept of having multiple streams of income. &nbsp;Over the years, I dabbled in many side hustles looking for "it". &nbsp;That included a few multi-level marketing companies that proved to be a flop.</p>
<p>I eventually took a&nbsp;<a href="http://www.budgetsaresexy.com/2013/12/how-i-failed-buying-rental-property/" target="_blank">stab at real estate</a>&nbsp;and also failed miserable. &nbsp; Many would perceive these as failures, but I view them more as valuable life lessons that eventually led me to starting this blog. &nbsp;Now I have more than a few sites that yield over 6 figures per year. &nbsp;Not too shabby for a guy that had no web marketing experience before I started.</p>
<p>Give this goal some serious thought, even if you've never considered it before. It's a goal that could open the door to a lot of other goals.</p>
<p><img src="http://static1.businessinsider.com/image/5564826feab8ea0b1c1bb2de-1198-898/woman-on-phone-in-street-2.jpg" border="0" alt="woman on phone in street"></p>
<h3>5. Have enough – but not too much – insurance to cover contingencies.</h3>
<p>Insurance is something of a tough call. A lot of people don't have nearly enough coverage, while many others are paying too much for the coverage that they have. Striking a balance between the two is another of those&nbsp;good financial goals.</p>
<p>Here are some strategies in striking that balance:</p>
<ul>
<li>Where&nbsp;<a href="http://www.goodfinancialcents.com/insurance/life">life insurance</a>&nbsp;is concerned, stick with term life insurance – it's cheaper so you can buy as much as you need. Just make sure that you're not buying so much life insurance that you'll be worth more dead than you are alive; it's just an expense you don't need to carry.</li>
<li>Unless mandated by state law, look into the carrying the lowest level of auto insurance possible, particularly&nbsp;if you have a long history as a safe driver.</li>
<li>Take the highest deductible you can on your&nbsp;<a href="http://www.goodfinancialcents.com/insurance/health">health insurance</a>, and make up the difference with an emergency fund that is large enough to cover that deductible – if you seldom use your health coverage, you'll be way ahead from the lower premiums.</li>
</ul>
<p>Part of your goal should be to work with a knowledgeable insurance agent on a regular basis to make sure that you have just enough – but never too much – insurance coverage. &nbsp;Oh by the way, did I mention that I'm also a co-founder of an&nbsp;<a href="http://www.jgrinsurance.com/">independent insurance agency</a>? &nbsp;</p>
<p><img src="http://static6.businessinsider.com/image/556483166da8118830ee93ba-800-600/people-partying-on-rooftop-1.jpg" border="0" alt="People Partying on Rooftop"></p>
<h3>6. Be able to live on less than you earn – no matter what.</h3>
<p>I've covered this topic in other articles, but it is well worth repeating here since it is one of the most&nbsp;necessary of all good financial goals. By learning to live on less than you earn – no matter what – you will always have plenty of income. That means that you'll have plenty of income for savings, investments, and for paying off debt.</p>
<p>It's important to always be on the hunt to increase your income. But that strategy will only be effective to the degree that you are able to live on less than you earn, so that you can put the difference to better use to improve your life.</p>
<p><img src="http://static4.businessinsider.com/image/5564838069beddb04faea4cf-1200-924/old-navy-shopper-3.jpg" border="0" alt="old navy shopper"></p>
<h3>7. End any addiction to stuff that you may have.</h3>
<p>This may not be a financial goal in and of itself, but it is an obstacle that will stand in the way of all good financial goals, no matter what they are.</p>
<p>An addiction to stuff can be like a financial parasite. A disproportionate amount of your income and financial reserves will go to pay for your need for stuff.</p>
<p>This will present several problems:</p>
<ul>
<li>Stuff needs to be stored, and as your pile of stuff grows, you will need an ever larger space to store it. That will likely see you looking to buy a bigger house every few years, with all of the expenses that come with it.</li>
<li>Stuff is a capital trap – it ties up your money, but generally provides no financial benefit.</li>
<li>Any money that goes into stuff, is money that is not going into productive investments.</li>
<li>While stuff can&nbsp;make you more comfortable, only income producing or growth oriented investments can improve your station in life.</li>
<li>During times of financial turmoil, you may become obsessed with protecting and maintaining your stuff, which is not at all what you need to focus on.</li>
<li>Stuff has a way of eating up time, so that you have less of it to spend on more productive activities.</li>
</ul>
<p>I love this quote from Joshua Becker, author of&nbsp;<em><a href="http://bit.ly/tFqhUz">Simplify: 7 Guiding Principles to Help Anyone Declutter Their Home and Life</a></em>,</p>
<blockquote>
<p>"Removing possessions begins to turn back our desire for more as we find freedom, happiness, and abundance in owning less. And removing ourselves from the all-consuming desire to own more creates opportunity for significant life change to take place."</p>
</blockquote>
<p>If you even suspect that you may have an addiction to stuff, then make&nbsp;it a financial goal to end that addiction once and for all. Your life will go better if you do.</p>
<p><img src="http://static3.businessinsider.com/image/556483a9eab8eaec271bb2de-1200-924/new-york-city-coffee-shop.jpg" border="0" alt="new york city coffee shop"></p>
<h3>8. A plan to do work that you love.</h3>
<p>Ultimately, the purpose of improving your finances should be to provide you with independence in your life. That means that it should afford you the ability to do what you want, when you want. If that isn't one of the good financial goals, then I don't know what is.</p>
<p>Getting out of debt, preparing for early retirement, developing multiple income streams, and ending your addiction to stuff, should clear the way for you to be able to do the kind of work that you really love. That should be true even if that work doesn't pay nearly as much as you're being paid now.</p>
<p>But that will be possible only if you have no debts to pay, if you can live on less than you earn, and if you have a large investment portfolio to back you up.</p>
<p>Why is doing work that you love a worthy financial goal? Very few people will actually be retiring to the beach for a life of blissful nothing, no&nbsp; matter what you see on TV. If nothing else, it's likely that you will work just as a matter of personal satisfaction – or an attempt to avoid boredom.</p>
<p>Since you will be working all of your life – one way or another – the work that you do shouldn't just be about earning money. It should be something that makes you feel good about your life, and good about the person you are.</p>
<p><img src="http://static5.businessinsider.com/image/556483d86da811b33aee93ba-1123-842/charity-food-drive-2.jpg" border="0" alt="charity food drive"></p>
<h3>9. Get comfortable sharing your good fortune.</h3>
<p>If you can't get comfortable sharing your good fortune with people&nbsp;who are&nbsp;less fortunate – perhaps out of fear that you will end up broke as a result –&nbsp;<em>then money has complete control over your life.</em>&nbsp;It doesn't matter how much money you amass in&nbsp;your life, it&nbsp;should never control you.</p>
<p>There are numerous reasons why giving to others will be good for you:</p>
<ul>
<li>Letting go of money affirms your power over it – because you know that it will come back.</li>
<li>Giving to those in need makes you part of the solution in the world, and not the problem.</li>
<li>Hoarding money is all about security – letting go of it is celebrating its value.</li>
<li>Giving to others just feels good – particularly the knowledge that you have the ability to do it.</li>
<li>Call it Karma, a higher power, what-goes-around-comes-around, or whatever you want, when you give you get – maybe not always in the form of money, but often in the form of friendship, personal satisfaction, or even help from others when you're in need.</li>
</ul>
<p>Is giving one of those good financial goals? I think that if you look at many of the most famous wealthy people the world, you will see a distinct pattern of giving to others along the way.</p>
<p><img src="http://static1.businessinsider.com/image/555f3901eab8ea4e1472d408-1200-924/house-130.jpg" border="0" alt="house"></p>
<h3>10. A plan to leave your financial house in order upon your death.</h3>
<p>However you live your life, it should be a goal to make sure that your loved ones are left at least a little bit better off as a result of your life. That means not only making adequate provisions for those who are dependent upon your financial resources, but also making sure that you don't leave them with a financial mess to clean up.</p>
<p>Here are some steps you can take to leave your financial house in order upon your death:</p>
<ul>
<li>As discussed in #5, make sure that you have&nbsp;<a href="http://www.goodfinancialcents.com/insurance">adequate insurance</a>, particularly life insurance.</li>
<li>Make sure all of your debts are paid, and if there are any large or unusual ones, by a term life insurance policy to payoff that debt upon your death.</li>
<li>Consider the impact of estate taxes, if your estate is large enough to be subject to them (insurance can cover that too).</li>
<li>Discuss the financial implications of your death with your loved ones, to make sure that everyone understands what you want to do, and also so that you will consider any concerns or insecurities that they may have.</li>
<li>Make sure that you have set an example of good financial management for your loved ones – what they learn from you will benefit them for the rest of their lives, and probably more than any amount of money you could leave them.</li>
</ul>
<p>Reaching a point of financial independence in life has nothing to do with luck or magic. It's simply a matter of setting good financial goals, and having a concrete plan as to how you will achieve them. Once that plan is established, and working toward those goals becomes part of the habits that make your life what it is, achieving financial independence can almost seem as if it's happening on automatic pilot.</p>
<p>But only if you make it happen.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/just-this-once-2015-5" >Know you're about to do something stupid if you tell yourself 3 little words</a></strong></p>
<p><a href="http://www.businessinsider.com/the-money-goals-everyone-should-have-2015-5#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/roar-filmed-with-100-untamed-lions-movie-injured-2015-4">70 people were injured while filming this movie with 100 untamed lions</a></p> http://www.businessinsider.com/tim-ferriss-on-how-to-get-things-done-2015-43 simple ways to achieve any goalhttp://www.businessinsider.com/tim-ferriss-on-how-to-get-things-done-2015-4
Thu, 30 Apr 2015 15:30:00 -0400Rachel Gillett
<p><img style="float:right;" src="http://static1.businessinsider.com/image/55426e7deab8eaf007efd3b4-930-697/tim-ferriss-25.jpg" border="0" alt="tim ferriss"></p><p>Tim Ferriss, <span>author of "</span><a href="http://www.amazon.com/gp/product/0307465357/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=0307465357&amp;linkCode=as2&amp;tag=thebusiinsi-20&amp;linkId=XFGHQXPGLNVX3Q2Q">The 4-Hour Workweek</a><span>,"</span><span> is the king of habits and a self-proclaimed "human guinea pig."<span style="background-color: #ffff00;"><br></span></span></p>
<p dir="ltr"><span>So you might think he has nerves of steel that help him accomplish just about anything he sets his mind to.</span></p>
<p dir="ltr"><span>But according to Ferriss, you'd be wrong.</span></p>
<p dir="ltr">During his <a href="http://www.reddit.com/r/IAmA/comments/34ak5w/i_am_tim_ferriss_author_angel_investor_host_of/">Reddit AMA yesterday</a>, Reddit user gambari lamented:</p>
<blockquote class="blockquote">I've been trying for many years to get my life closer to where I envision it but I always come up short, mostly because I don't follow through or let other, less important things, get in the way… When you say you're going to do something, you do it. Your strength of conviction and desire to get it done gets you there. Any thoughts about cultivating strength of purpose or other ideas?</blockquote>
<p dir="ltr">Ferriss's response: "Not true! I often have terrible conviction and willpower."</p>
<p dir="ltr">Instead, Ferriss credits a few daily habits that help prevent his "lesser self from winning." They are:</p>
<h3 dir="ltr">1. Begin and end each day with journaling.</h3>
<p dir="ltr">Ferriss recommends picking up a copy of "<a href="http://www.fiveminutejournal.com/">The Five Minute Journal</a>," a physical journal (there's also an app) that divides each day's entry into sections like "What would make today great?" and "3 amazing things that happened today . . ."</p>
<p dir="ltr"><img src="http://static2.businessinsider.com/image/554155c469beddfd238b456c-940-598/daily%20journal.jpg" border="0" alt="the five minute journal" width="800" style="color: #000000;"></p>
<p dir="ltr"><a href="http://www.businessinsider.com/you-should-consider-keeping-a-journal-2015-1">Ferriss is a proponent of journaling for at least two reasons</a>: the process of putting pen to paper helps him figure things out, and transferring muddling thoughts from his head to his journal helps him move forward with his day.</p>
<h3 dir="ltr">2. Confront your fears head-on.</h3>
<p dir="ltr">To get over the doubt that was holding Ferriss back from achieving his dreams, <a href="http://www.businessinsider.com/tim-ferriss-on-exercise-to-overcome-fears-2015-4">he developed a process he calls "fear setting."</a></p>
<p dir="ltr">Every four to six weeks Ferriss will think of an important goal that he's kept himself from attempting. Then he'll divide a piece of paper into three columns.<span style="line-height: 1.5em;"> </span></p>
<ul>
<li><span>In the first column, he writes down all of the things that could go terribly wrong should his attempt fail.</span></li>
<li><span>In the second column, he writes down ways he can prevent these terrible outcomes from happening.</span></li>
<li><span>In the third column, he writes how he would recover from each of the scenarios if they happened.</span></li>
</ul>
<h3 dir="ltr">3. End the day with exercise.</h3>
<p><span id="docs-internal-guid-28b21eaa-0b79-ac61-f145-4e6bee365a9e">Ferriss suggests scheduling (and defending) between 20 and 40 minutes of exercise each day around 6 p.m. or 7 p.m. Bookending the day in this way, he writes, will help you get off your computers and provide some structure to organize everything else around.</span></p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/tim-ferriss-on-exercise-to-overcome-fears-2015-4#ixzz3Yjy8OXKH" >A simple 3-step exercise to figure out what's holding you back from success</a></strong></p>
<p><a href="http://www.businessinsider.com/tim-ferriss-on-how-to-get-things-done-2015-4#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/job-interview-cliches-answers-career-search-advice-2015-3">7 clichés you should never use in a job interview </a></p> http://www.businessinsider.com/11-steps-every-30-something-can-take-to-grow-their-wealth-2015-411 steps every 30-something can take to grow their wealthhttp://www.businessinsider.com/11-steps-every-30-something-can-take-to-grow-their-wealth-2015-4
Mon, 27 Apr 2015 17:11:10 -0400Louis DeNicola
<p><span><img style="float:right;" src="http://static3.businessinsider.com/image/553949ececad0471532b338d-1200-924/buying-a-house-2.jpg" border="0" alt="buying a house"></span></p>
<p>Many people face important milestones in their 30s: getting married, buying a house, having children, and settling into a career.</p>
<p>Financially, these milestones bring new challenges as mortgage payments, growing families, and demanding work schedules all take their toll.</p>
<p>It's important for 30-somethings to examine their financial goals and make adjustments as needed.</p>
<p>Cheapism.com has compiled 11 key moves people in their 30s should make.</p>
<h3 class="minor">1. Pay off credit card debt and student loans.</h3>
<p>As your income rises, pay off credit card debt and student loans (in that order).</p>
<p>Resist the temptation to spend more as you earn more.&nbsp;<span style="line-height: 1.5em;">It's not uncommon for credit card debt to creep higher as unavoidable expenses pile up, especially when a family comes along.</span></p>
<p>A frugal lifestyle lets you pay off old debts, avoid building new credit card debt, and take advantage of investment opportunities.</p>
<h3 class="minor">2. Create an emergency fund.</h3>
<p>Establishing an emergency fund is a good idea at any age. If you don't have three to six months' worth of expenses put aside, it's time to get to it.</p>
<p>Perhaps you had a fund but spent it, or you failed to put more money aside as your income and expenses increased. Once you have dependents, it's more important than ever to have a financial cushion.</p>
<p><img src="http://static5.businessinsider.com/image/5506eb5169bedd427b06ed68-1200-858/5493261334_fc00710b03_o.jpg" border="0" alt="couple argument"></p>
<h3 class="minor">3. Review your insurance.</h3>
<p>Once marriage and children come along, it's time to review your insurance policies. The big four are homeowner's (or renter's), health, life, and disability. Make sure you are covered in all four areas, and at&nbsp;<a href="http://www.cheapism.com/blog/3443/how-much-insurance-do-i-need">appropriate levels</a>.</p>
<h3 class="minor">4. Diversify your portfolio.</h3>
<p>In your 20s, you can take risks with your investments but that begins to change in the following decades. Take the time to speak with an independent financial advisor to review your investments and create a retirement plan. You should still be taking risks, but make sure they're calculated and part of your plan.</p>
<h3 class="minor">5. Understand your money.</h3>
<p>If the talk of risk and asset allocation has you yawning, that's okay. It doesn't need to be interesting, but it's time to learn the basics of budgeting and investing. Read a few books and look into online and in-person classes — there are many&nbsp;<a href="http://www.cheapism.com/blog/3195/personal-finance-resources">free options</a>&nbsp;available.</p>
<p><img src="http://static4.businessinsider.com/image/55394d28eab8eaa473d05ea3-909-681/couple-walking-dog-on-pier-4.jpg" border="0" alt="Couple Walking Dog on Pier"></p>
<h3 class="minor">6. Discuss shared financial goals.</h3>
<p>If you have a spouse or long-term partner, it's time to have "the talk." That is, it's time to discuss your shared goals and how your finances can support them. Establishing a shared budget and setting regular financial check-in meetings are good starting places.&nbsp;</p>
<h3 class="minor">7. Save for a down payment.</h3>
<p>If you're planning on staying put for at least five to seven years, then buying a house or apartment can make financial sense. However, saving a 10 to 20 percent down payment is hard, so it's best to start putting some money aside now.</p>
<h3 class="minor">8. Improve your credit.</h3>
<p>Having&nbsp;<a href="http://www.cheapism.com/blog/3441/how-to-get-a-good-credit-score">excellent credit</a>&nbsp;can save you tens or even hundreds of thousands of dollars on a home loan. If you have questions, non-profit credit counseling services can help you free of charge with one-on-one counseling as well as online and offline courses. Find your local affiliate by visiting the National Foundation of Credit Counseling's&nbsp;<a href="http://nfcc.org/" target="_blank">website</a>.</p>
<p><img src="http://static6.businessinsider.com/image/52e364e7ecad04554134154d-1200-858/rtx11ujr.jpg" border="0" alt="computer thinking"></p>
<h3 class="minor">9. Optimize retirement contributions.</h3>
<p>You're still decades away from retirement but if you haven't been contributing to a&nbsp;<a href="http://www.cheapism.com/blog/3480/ira-tax-deduction">retirement account</a>&nbsp;it's definitely time to start. If you've been funding an account, keep it up and consider increasing your contribution amount. Compound interest has years to work in your favor and if you can manage to put aside 15 to 20 percent of your income you'll be in a good place come retirement time.&nbsp;</p>
<h3 class="minor">10. Keep your eye on the benefits.</h3>
<p>If you're having trouble setting aside as much money for retirement as you'd like, consider moving to a different company in your industry. Even if your salary doesn't increase, a benefits package that includes a generous company match for retirement contributions and health coverage can make a big difference in your finances.&nbsp;</p>
<h3 class="minor">11. Save for college.</h3>
<p>Saving for retirement comes first but if you have a family it's time to consider your children's college education. Even with financial aid it's hard to afford tuition, books, room and board, and other college-related expenses. Look into tax-advantaged 529 plans and make the most out of your savings. There are many different plans to choose from. You may need to do some homework before determining the best one for your family.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/7-things-i-learned-about-money-in-my-30s-2015-2" >7 things I learned about money in my 30s</a></strong></p>
<p><a href="http://www.businessinsider.com/11-steps-every-30-something-can-take-to-grow-their-wealth-2015-4#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/how-to-burpee-full-body-workout-2015-3">This simple exercise will work out every muscle in your body</a></p> http://www.businessinsider.com/ask-yourself-4-questions-to-figure-out-whether-youre-making-real-progress-on-your-goals-2015-4Ask yourself 4 questions to figure out whether you're making real progress on your goalshttp://www.businessinsider.com/ask-yourself-4-questions-to-figure-out-whether-youre-making-real-progress-on-your-goals-2015-4
Tue, 21 Apr 2015 15:13:40 -0400Neal Frankle
<p><img style="float:right;" src="http://static4.businessinsider.com/image/55365e006da81165127beeff-600-/summer-streets-nyc-new-york-city-biking-2.jpg" border="0" alt="Summer Streets NYC new york city biking" width="600"></p><p>I was recently in New York City — my favorite place in the world — and the capital of the "living large" mentality.</p>
<p>When I was walking through the airport I saw a book in the bookstore titled "Think Big."&nbsp;<span style="line-height: 1.5em;">Apparently it is a bestseller. </span></p>
<p><span style="line-height: 1.5em;">Although the book might be a great read, something has always bothered me about that phrase.</span></p>
<p>While helpful in some situations, the strategy of "thinking big in order to live big" has some real disadvantages.</p>
<p>Quite the contrary, I suggest that you'll have a much bigger life and&nbsp;<a href="http://wealthpilgrim.com/have-a-happy-retirement-heres-how/">more rewarding financial future</a>&nbsp;if you spend most of your time "thinking small."</p>
<h3>'What the heck are you talking about? What's wrong with thinking big?"</h3>
<p>Nothing is wrong with this concept … in light doses. To me, "thinking big" means "dreaming big" and being mindful of the big picture. Like I said, that is super important — but only about 3% of the time.</p>
<p>Too often people spend too much time thinking big and dreaming about the future — and they forget about execution. They overlook their current resources and fail to appreciate what's really meaningful in their lives. Please let me explain.</p>
<p>I met a kindly woman recently who was about to retire. She didn't want to worry about her money and quite frankly she didn't have to. She had&nbsp;<a href="http://wealthpilgrim.com/how-much-money-you-need-to-retire/">enough money to afford a very comfortable and happy retirement</a>. But she was used to "thinking big" in her career and was trained to always shoot for "the moon".</p>
<p>As a result, she made very risky investments even though she didn't have to. Why? Because she wanted to hit it big. She wanted "more."</p>
<p>This was weird to me. If she did hit the jackpot, it really wouldn't change her life. But if she blew it, it would mean she'd have to go&nbsp;<a href="http://wealthpilgrim.com/9-top-jobs-in-retirement/">back to work</a>. So her behavior of "thinking big" conflicted with her ultimate goals of living a life where she didn't have to worry about money. Does this resonate?</p>
<p>Here's a different way "thinking big" can really get in your way. A friend of mine has a son who graduated with a degree in finance. So far so good. His dream is to be super successful. Again, no problem. So what is the problem?</p>
<p>He simply chases one "promising opportunity" after another. Why? Because he is focused on thinking and dreaming big and he spends most of his time&nbsp;<em>dreaming</em>&nbsp;instead of&nbsp;<em>doing</em>. He only spends 20% of his time working on making his dream a reality. Bad move and bad outcome.</p>
<p><img src="http://static1.businessinsider.com/image/55366422ecad044a43514ef8-1200-600/thinking-31.jpg" border="0" alt="Thinking"></p>
<h3>How and when to think big to live large</h3>
<p>First let's talk about how to think big. You do this by having the&nbsp;<em>right</em>&nbsp;big dreams.&nbsp;<a href="http://wealthpilgrim.com/should-i-change-my-career-three-questions-to-help-you-decide/">If your career is your first priority</a>, no problem. But are you sure that's your priority? What about your family? What about your spiritual life? What else do you dream big about? What does it really look like if you live big?</p>
<p>I support having big dreams — as long as they are consistent with what you really want out of life. My recommendation is to first get crystal clear about what your "dream priorities" are. If you spend 20 minutes a day thinking about that, fine. But that's about all you really need. That 20 minute "dream session" should be spent thinking about 4 questions:</p>
<ol>
<li><strong>Are you sure of your priorities? Are you sure you have the right goals?</strong></li>
<li><strong>Are you living in a way that is getting you closer to or further away from these goals?</strong></li>
<li><strong>What do you need to do differently today in order to get your behavior back in line with your dreams?</strong></li>
<li><strong>When are you going to do it?</strong></li>
</ol>
<p>These steps will help you live large.</p>
<p>Success in life, financial or otherwise, is all about execution. If you pursue the wrong goals, even if you execute well, you need to correct the problem.&nbsp; But the good news is you can do this easily by asking yourself the above 4 questions.</p>
<p><img src="http://static5.businessinsider.com/image/5536644c6da8115d337bef05-1200-600/man-on-laptop-in-cafe-2.jpg" border="0" alt="Man on Laptop in Cafe"></p>
<h3>Caution</h3>
<p>Even if you are spot on with your big thinking it won't mean anything if you don't execute. Execution is about taking the next intended step and getting it done right. That requires attention to detail. Small thinking.</p>
<p>When I started my career as a financial advisor, our managers encouraged all of us to continually strive to earn more money. In short, we were groomed to be greedy — and to do our best to instill fear and greed in clients.</p>
<p>What was the result of that "big thinking"? We could never produce enough. We always needed to produce more and satisfaction was always just one sale away. As a result, my peers and I were always in a state of anxiety. And our clients had it even worse.</p>
<p>We spent our time encouraging them to dream and think big as a way to get them to buy investments. If clients had peace of mind, we'd be out of business. What a rotten way to make a living.</p>
<p>I changed my mindset and the way I do business about 25 years ago and it's worked out great for all involved. I thought about the life I really wanted and then structured my business to help me get that. When I talk to clients, I do the same thing. Sure we talk about the big picture. But we focus on the small steps that need to happen, one day at a time, in order to achieve those goals.</p>
<p>It is important to stretch a little. In order to live fully we have to grow, learn and get out of our comfort zone. But find your balance. This may sound crazy coming from a financial advisor but I personally do not believe that&nbsp;<a href="http://wealthpilgrim.com/why-nice-people-have-more-money/">having more money</a>&nbsp;is the key to happiness. If anything, I believe that being happy is the key to having more money.</p>
<p>My experience tells me that the happiest people are those who are clear on what is important in their lives. Once they "get it" they spend most of their time doing those things which get them closer to their goals. Since they are doing the right things and purely focused on executing well for its own sake, the rewards follow.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/a-business-school-professor-explains-how-to-trick-yourself-into-building-wealth-2015-4" >A business school professor explains how to trick yourself into building wealth</a></strong></p>
<p><a href="http://www.businessinsider.com/ask-yourself-4-questions-to-figure-out-whether-youre-making-real-progress-on-your-goals-2015-4#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="http://www.businessinsider.com/container-ships-collide-suez-canal-egypt-2015-3">Watch these giant container ships collide near the Suez Canal</a></p> http://www.businessinsider.com/how-mobile-banking-will-transform-poor-peoples-lives-by-2030-2015-1Bill Gates Says Cellphones Are The Key To Solving Poor People's Banking Problemshttp://www.businessinsider.com/how-mobile-banking-will-transform-poor-peoples-lives-by-2030-2015-1
Thu, 22 Jan 2015 18:37:49 -0500Natasha Bertrand
<p><img style="float:right;" src="http://static3.businessinsider.com/image/54c149c26da8119f26cc6d54-1200-858/ap11082415424.jpg" border="0" alt="M-Pesa"></p><p>Over the next 15 years, digital banking will give over 2 billion people an unprecedented level of control over their financial assets, according to the Gates Foundation. The key to this access will be mobile phones.&nbsp;</p>
<p>In its <a href="http://www.gatesnotes.com/2015-annual-letter?WT.mc_id=01_21_2015_DO_GFO_domain_0_00&amp;page=1&amp;lang=en">annual letter</a> published Thursday, the <a href="http://www.gatesfoundation.org/">Bill and Melinda Gates Foundation</a> outlined its goals for the next 15 years, one of which is to help the poor transform their lives by giving them access to mobile banking.</p>
<p>The letter states that roughly 25 billion adults in the world do not currently have a bank account, which prevents them from effectively using what little assets they have.&nbsp;</p>
<p>The lack of access to efficient financial services means many poor people often waste valuable time and money delivering cash to family members by hand or&nbsp;<span>paying high interest rates to unregulated moneylenders. Instead of storing their assets in banks, they hide their cash under the mattress where it only loses value over time.&nbsp;</span></p>
<p><span>The Gates Foundation predicts that by 2030, the&nbsp;<span>2 billion people who don't have a bank account will be making payments and purchases with their phones. They will also use their phones to store money with&nbsp;<span>mobile money providers that will provide them with a full range of financial services — from loans to i<span>nterest-bearing savings accounts.&nbsp;</span></span></span></span></p>
<p><span><span><span><span>It doesn't make financial sense to build a bank branch in a remote village because the poor only save and borrow in small amounts. But as the letter points out, the marginal cost of producing a digital transaction is near zero, and over 70% of adults in developing countries own cellphones — this means mobile banking companies would receive small commissions of millions of transactions at a negligible cost to them. In this way, mobile banking companies would profit from providing their services to even the poorest individuals.&nbsp;</span></span></span></span></p>
<p>The letter cites a Bangladeshi&nbsp;mobile money provider called <a href="http://www.bkash.com/">bKash</a>, which&nbsp;<span>processes roughly 2 million transactions per day adding up to a value of nearly&nbsp;<span>$1 billion each month. Access to bKash is still unequal, however: 76% of men in Bangladesh have a phone versus only 46% of women.&nbsp;</span></span></p>
<p><span><span><span>This problem of disproportionate access is only one challenge facing the mobile banking industry. Others include government regulation, which in many countries limits digital banking, and a lack of locations where people can turn their digital money into cash and vice versa. Still, the Gates Foundation remains optimistic about the number of entrepreneurs worldwide who are devoting themselves to&nbsp;<span>digital financial innovation.</span></span></span></span></p>
<p>The letter also outlined the Foundation's other goals for 2030, which included totally eradicating diseases such as Polio and Guinea worm and drastically reducing the rate of child mortality worldwide.</p><p><a href="http://www.businessinsider.com/how-mobile-banking-will-transform-poor-peoples-lives-by-2030-2015-1#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/interview-question-where-do-you-see-yourself-in-5-years-2014-12How To Answer The Tricky Interview Question, ‘Where Do You See Yourself In 5 Years?’http://www.businessinsider.com/interview-question-where-do-you-see-yourself-in-5-years-2014-12
Thu, 08 Jan 2015 12:11:26 -0500Jacquelyn Smith
<p><span style="line-height: 1.5em;"><img style="float:right;" src="http://static6.businessinsider.com/image/536bb8a869beddbd3033ed16-480-/interview-83.jpg" border="0" alt="interview" width="480">It may not seem like a tricky question, but your response to, "Where do you see yourself in five years?" can make or break your interview.</span><span style="line-height: 1.5em;">&nbsp;</span></p>
<p>"The purpose of asking this common interview question is to understand whether a candidate is looking for a career rather than just a job, whether their goals align with the organization's goals, and whether they have a realistic plan for their future," explains&nbsp;<span>David Wishon, a senior director of&nbsp;</span><a href="http://www.monster.com/" target="_blank"><span class="il">Monster</span></a><span>&nbsp;Talent Fusion</span><span>.</span></p>
<p><a href="http://dalekurow.com/">Dale Kurow</a>, a New York-based executive coach,&nbsp;says your response to this question can also tell the company if you have the requisite work ethic, attitude, and loyalty to be a good hire in the long term.</p>
<p>Here's what hiring managers do and do not want to hear when they ask this question:</p>
<p><strong>1. They want to know that you've put thought into your response.</strong></p>
<p>"Don't get caught without a long-term plan," Wishon says. Show the interviewer that you have thought about this question and have a basic trajectory mapped out. But let them see that you're flexible. "Everyone understands things can change, so strike a balance between being set on where you want to go and also understanding that the path may change," he says.</p>
<p><strong>2. They want to know that you're driven — but that you have realistic goals.</strong></p>
<p>"Don't come off as overly ambitious," Wishon says. "It's okay to mention some future promotions within the organization, but it may be overkill to say you want to be CEO in five years if you're applying to an entry-level job."</p>
<p><strong>3. They want to hear that you are willing to pay your dues before expecting a promotion.</strong></p>
<p>"The hiring manager doesn't want to hear that you are looking to move up to a higher-level position within a year or that you want to become eligible for your boss's job," Kurow explains. Don't threaten anyone else's career, and let them know you realize it may take time, and a lot of work, before you'll move up.</p>
<p><span>"</span><span>Emphasize your willingness to work on personal and professional development to progress your career path within the organization,</span><span>"</span><span>&nbsp;Wishon adds.</span></p>
<p><strong>4. They want to know that you're loyal and willing to make a commitment to the company for at least five years.</strong></p>
<p>Companies invest a great deal of time and money in recruiting and training candidates, and they don't want to lose their investment in a hire <span style="background-color: #ffffff;">that's going to leave in a year or two, Kurow says. That's why it's best to avoid saying you hope to be at another company, in another industry, or even a drastically different role than the one you're applying for (even if it's true).</span></p>
<p><strong style="line-height: 1.5em;">5. They want to hear how the company and role you're applying for fits into your longer-term goals.</strong><span style="line-height: 1.5em;">&nbsp;</span></p>
<p>"Make sure the role you are interviewing for is at the foundation of the answer you provide," Wishon suggests. "Tell them that how you can&nbsp;achieve&nbsp;your long-term goals by performing this role to a high standard."</p>
<p>Also share how you plan to contribute to, and grow with, the organization over the next few years, Kurow adds.</p>
<p><span style="line-height: 1.5em;">If you want to make sure your five-year plan is aligned with theirs, take the lead and ask what results the interviewer is looking for from this role, Wishon suggests. </span><span style="line-height: 1.5em;">"</span><span style="line-height: 1.5em;">This will help to best&nbsp;understand the progression and potential timeline,</span><span style="line-height: 1.5em;">"</span><span style="line-height: 1.5em;"> he concludes.</span></p>
<p><span style="background-color: #ffffff;"><strong>6. They want to know you're excited about the job.</strong><span style="line-height: 1.5em;"></span></span></p>
<p><span style="background-color: #ffffff;">In showing how the job fits into your longterm plans, you'll also be letting the hiring manager know you're enthusiastic about the job and unlikely to leave it right away, author Alison Green <a href="http://money.usnews.com/money/blogs/outside-voices-careers/2013/04/29/how-to-answer-where-do-you-see-yourself-in-five-years"><span style="background-color: #ffffff;">writes for US News &amp; World Report</span></a>.</span></p>
<p><span style="background-color: #ffffff;">As in any interview situation, it's important to sound passionate and make clear that you covet <em>this</em> <em>job</em>, as opposed to <em>any job</em>.</span></p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/how-to-answer-do-you-have-kids-interview-question-2014-5#!K8YgY" >What To Say If An Interviewer Asks If You Have Kids</a></strong></p>
<p><a href="http://www.businessinsider.com/interview-question-where-do-you-see-yourself-in-5-years-2014-12#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/secret-to-achieving-your-goals-this-year-2015-1Here’s The Secret To Achieving Your Goals This Yearhttp://www.businessinsider.com/secret-to-achieving-your-goals-this-year-2015-1
Mon, 05 Jan 2015 13:22:00 -0500Jacquelyn Smith
<p><img style="float:right;" src="http://static1.businessinsider.com/image/54aac76e6da811ce27a063a5-600-/amazon-fire-phone-woman-puzzled-weird-thinking-4.png" border="0" alt="amazon fire phone woman puzzled weird thinking" width="600"></p><p>It's the first full workweek of 2015 — and there's a good chance you're in the process of setting new professional goals for yourself.</p>
<p><span style="font-size: 15px; line-height: 1.5em;">But there's an even better chance you'll fail to achieve them.&nbsp;</span></p>
<p>"Most employees will start the year with great intentions to increase their happiness with their jobs or to change their approach to get better results at work," says Cy Wakeman, a New York Times bestselling <a href="http://www.amazon.com/Reality-Based-Leadership-Restore-Workplace-Excuses/dp/0470613505/ref=asap_bc?ie=UTF8">author</a> and executive <a href="https://www.realitybasedleadership.com/">HR coach</a>. "Many commit to not only surviving, but thriving again at work."</p>
<p>But, unfortunately, she says, these goals often fade quickly.</p>
<p>Many peoples' intentions are doomed from the start "because they are based on a false premise — that their reality will change as well," Wakeman explains. "Their commitments are conditional: <em>'I will meet project deadlines as long as the work I am given is appropriate and everyone else does their fair share and if I have enough time without having my priorities change a million times a day.'</em></p>
<p>"The premise," she continues, "is that, 'Yes, I will change, be better organized, meet deadlines, stop my negative attitude — as long as my circumstances are perfect and everyone else follows my lead.'&nbsp;But what are the odds of that happening in reality?"&nbsp;</p>
<p>Not great.</p>
<p>That's why<strong> the most effective approach to achieving your goals is to commit to succeeding in spite of the circumstances; to quit wishing your reality was different and to change the way you view that reality</strong>, Wakeman explains.</p>
<p>"Accept that your circumstances are <em>not</em> the reason you haven't been succeeding. Rather, your circumstances are the reality in which you must succeed," she says.&nbsp;"Get rid of your conditions and commit to change and to be happy and successful in any reality. This mindset will make you less dependent on your circumstances and make you 'bulletproof' in the workplace."</p>
<p><em>Want your business advice featured in Instant MBA? Submit your tips to tipoftheday@<span class="skimlinks-unlinked">businessinsider.com</span>.&nbsp;Be sure to include your name, your job title, and a photo of yourself in your email.</em><span><br></span></p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/goals-for-a-more-organized-life-in-2015-2015-1" >17 Goals For A More Organized Life In 2015</a></strong></p>
<p><a href="http://www.businessinsider.com/secret-to-achieving-your-goals-this-year-2015-1#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/goals-for-a-more-organized-life-in-2015-2015-117 Goals For A More Organized Life In 2015http://www.businessinsider.com/goals-for-a-more-organized-life-in-2015-2015-1
Mon, 05 Jan 2015 11:42:41 -0500Macy Williams
<p><img style="float:right;" src="http://static4.businessinsider.com/image/54a44ea4ecad042a648b4567-660-495/to-do-list-4.png" border="0" alt="to-do list "></p><p>Make a fresh start in 2015 with a totally organized life.</p>
<p>Nothing is better than a home that is easy to navigate with belongings that are even easier to find. Don't forget about your office, too — there are plenty of ways to keep your space neat for the most productive of workdays.</p>
<p>Check out these New Year's resolutions for systematization, and get to organizing:</p>
<h3>1. Throw away extra things you don't need.</h3>
<p>Here's a <a href="http://www.popsugar.com/smart-living/List-Things-Dispose-24575006">useful list</a> of things to get rid of for a decluttered space.</p>
<h3>2. Create a goal list.</h3>
<p>Keep yourself on track in the New Year with this <a href="http://www.popsugar.com/smart-living/DIY-Rotating-Goal-List-32130026">rotating goal list DIY</a>. You can easily change and update your goals with Post-Its for an up-to-date board.</p>
<h3>3. Organize your closet.</h3>
<p>All it takes is <a href="http://www.popsugar.com/smart-living/Best-Way-Organize-Your-Closet-36125812">three simple steps</a> to get your closet in tip-top shape.</p>
<h3>4. Specify a daily junk basket.</h3>
<p>Putting a basket in your home where you can throw items that you would otherwise scatter all over the house is a great way to keep your home or office feeling clutter free.</p>
<h3>5. Make assignment lists for everyone.</h3>
<p>If you live with multiples people — be it kids, significant others, or roommates — make sure you create weekly assignment lists so that everyone can play their part in keeping your home orderly.</p>
<h3>6. Craft a pegboard.</h3>
<p>The <a href="http://www.popsugar.com/smart-living/DIY-Geometric-Ombre-Pegboard-35640669">ombré geometric pegboard</a> is a no-brainer that can be put together in an hour, tops. It's a stylish way to keep small items in their place.</p>
<h3>7. Install bars on bathroom doors.</h3>
<p>Nobody likes damp towels lying all over the bathroom. Install some sleek bars on the back of your door so you have a place to hang towels without taking up space on your walls.</p>
<h3>8. Place dividers in your drawers.</h3>
<p>You can buy plastic dividers at stores like The <a href="http://www.shopstyle.com/browse/Container-Store" target="_blank" title="Shop for Container Store" class="ss_inline_link auto_link_filter no_shopsense_url_rewrite">Container Store</a>, or you can even cut up old cardboard boxes to create sectioned-off spaces in your desk, kitchen, or bathroom.</p>
<h3>9. Print out a free calendar.</h3>
<p>One of the most obvious tasks that people <em>always</em> forget is to get a calendar for the New Year. Luckily, there's a list of <a href="http://www.popsugar.com/smart-living/Free-Printable-2015-Calendar-36209137">free printable calendars</a> you can get a hold of right now!</p>
<h3>10. Make these mason jar organizers yourself.</h3>
<p>These adorable <a href="http://www.popsugar.com/smart-living/DIY-Mason-Jar-Organizer-36273497">DIY mason jar organizers</a> will keep your kitchen in order as well as looking cute.</p>
<h3>11. Organize your pantry by food group.</h3>
<p>You will be able to quickly grab whatever you need.</p>
<h3>12. Paint your keys with nail polish.</h3>
<p>Color-code your keys by <a href="http://www.popsugar.com/smart-living/Tips-Painting-Your-Keys-30468351">painting them with nail polish</a> so that you can easily tell which key goes to what.</p>
<h3>13. Use ice cube trays as organizers.</h3>
<p>Bet you never thought of this one — <a href="http://www.popsugar.com/smart-living/Ice-Cube-Tray-Organizer-29320479">ice cube trays</a> are ideal for organizing small items like earrings, sewing materials, or office supplies.</p>
<h3>14. Upcycle a plastic bottle for a charging station.</h3>
<p>This <a href="http://www.popsugar.com/DIY" target="_blank" title="Latest photos and news for DIY" class="sugar_inline_link">DIY</a> for a <a href="http://www.popsugar.com/smart-living/Upcycled-Plastic-Bottle-Charging-Station-32356988">charging station</a> will keep your electronics in accessible places.</p>
<h3>15.Use washi tape on your planner.</h3>
<p>Color-code you life by utilizing <a href="http://www.popsugar.com/smart-living/Washi-Tape-Calendar-25476176">washi tape</a>. It will stand out better than highlighters.</p>
<h3>16. Make an emergency drawer in your desk at work.</h3>
<p>Setting aside a space where you can grab items for any possible disaster will put you at ease and leave you feeling prepared.</p>
<h3>17. Create these fabric-covered bulletin boards.</h3>
<p>You can place these <a href="http://www.popsugar.com/smart-living/DIY-Fabric-Covered-Bulletin-Boards-31127289">DIY bulletin boards</a> all over the house for easy access to papers, documents, and schedules.</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/the-skills-that-will-get-you-hired-in-2015-2014-12" >The 10 Skills That Will Get You Hired In 2015</a></strong></p>
<p><a href="http://www.businessinsider.com/goals-for-a-more-organized-life-in-2015-2015-1#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/how-to-create-a-road-map-to-success-2014-12How To Create A Road Map To Successhttp://www.businessinsider.com/how-to-create-a-road-map-to-success-2014-12
Wed, 31 Dec 2014 11:31:00 -0500Natalie Bounassar
<p><img style="float:right;" src="http://static6.businessinsider.com/image/54a2ed46ecad04521dce4466-909-681/man-reading-map-4.jpg" border="0" alt="man reading map"></p><p>Many people suffer from&nbsp;being rational dreamers. They want to achieve a big dream but hold themselves&nbsp;back by being risk averse. They don't want to disrupt the status quo and play things safe.&nbsp;</p>
<p>To coax themselves out of their comfort zones, people learn to set&nbsp;<a href="http://www.entrepreneur.com/topic/goals">goals</a>. I consider the process of goal setting to be like arranging checkpoints along the way to a desired end. Setting and&nbsp;meeting small&nbsp;goals can serve as a&nbsp;thermometer check&nbsp;on progress, measuring advancement and&nbsp;indicating an overall plan's viability.</p>
<p>Approach&nbsp;goal setting like creating a customized road map to chart your success. Think about when you take a really long road trip with your friends. Most often, you start off knowing the destination, but since road trips can be fairly long, making pit stops along the way is necessary.</p>
<p>Before venturing out, you might&nbsp;decide to stop a quarter of the way along for food, then at the halfway point for gas, at the two-thirds mark to stretch and perhaps 100 miles beyond that for more gas. &nbsp;</p>
<p>You're meeting&nbsp;smaller, more immediate goals that build on&nbsp;your efforts&nbsp;to&nbsp;reach the final&nbsp;destination.</p>
<p>Create a personalized&nbsp;road map for arriving at your desired destination by setting the following types of goals:&nbsp;immediate, intermediate and stretch goals.&nbsp;</p>
<p><em>[Related:&nbsp;<a href="http://www.entrepreneur.com/article/238141">Create a Personal Business Plan That You'll Really Use</a>]</em></p>
<h2>1. Set a stretch goal.</h2>
<p>Start by&nbsp;developing a&nbsp;stretch goals, a long-term objective that will take years to accomplish. Determine your stretch goal first because this choice will influence the selection of intermediate and immediate goals.</p>
<p>A stretch goal should be big. Some&nbsp;stretch goals are more specific than others. One person's&nbsp;specific goal might be "to become the CEO of Google." Another individual's&nbsp;vaguer stretch goal would be "to produce a national television show." An extremely vague goal would be "to work in the fashion industry."</p>
<p>It's OK, though, to leave room for interpretation.</p>
<p>Be as specific as possible and allow yourself to adjust a goal. Once you establish a&nbsp;stretch goal, you can&nbsp;sketch out checkpoints along the way.</p>
<h2>2. Set immediate goals.</h2>
<p>I like to create immediate goals that are small and assign a deadline that's very soon. I suggest setting up these goals as activities that can&nbsp;be accomplished in a week.</p>
<p>Ask yourself, What do I need to get done this week that will contribute to and move me along my desired trajectory? What small thing can I do this week that will move me an inch closer to my goal?</p>
<p>For writers, an immediate goal might to write six pages of a script or participate&nbsp;in a weekly writing class. It could also be to start reading a&nbsp;book about a field you'd like to enter. Be realistic. Accomplishing immediate goals should be&nbsp;like taking small baby steps: They contribute to your overall development and growth and set you up to complete&nbsp;intermediate goals. &nbsp;</p>
<p><em>[Related:&nbsp;<a href="http://www.entrepreneur.com/article/236709">What I Learned From Being a Broke, Unemployed Graduate</a>]</em></p>
<h2>3. Pick intermediate goals.</h2>
<p>Intermediate goals are broader than immediate goals and can have monthly or yearly time frames for their accomplishment.</p>
<p>Perhaps an intermediate goal might be to apply to an apprenticeship or training program. If a desired outcome requires your&nbsp;relocation, more schooling or quitting a job, set a timeline for taking one of these intermediate steps.&nbsp;</p>
<p>Meeting&nbsp;intermediate goals can help propel you forward along your trajectory. Achieving them might push you outside your comfort zone more than completing immediate goals and that's great. It's through discomfort that people grow and become who they&nbsp;want to be.&nbsp;</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/how-to-turn-dreams-into-reality-2014-12" >5 Ways To Turn Your Dreams Into Reality</a></strong></p>
<p><a href="http://www.businessinsider.com/how-to-create-a-road-map-to-success-2014-12#comments">Join the conversation about this story &#187;</a></p> http://www.businessinsider.com/new-years-resolutions-are-stupid-2014-12Scientific Reasons That New Year's Resolutions Are Stupidhttp://www.businessinsider.com/new-years-resolutions-are-stupid-2014-12
Tue, 30 Dec 2014 11:00:00 -0500Dorene Internicola
<p><span style="font-size: 15px; line-height: 1.5em;"><img style="float:right;" src="http://static6.businessinsider.com/image/54a2cb76eab8eabd19856a0e-910-683/runners-7.jpg" border="0" alt="runners">NEW YORK (Reuters) - People seeking to get or stay fit in 2015 might do better to start today rather than rely on a New Year’s resolution to shape up tomorrow, fitness experts say.</span></p>
<p>Losing weight and getting fit and healthy are among the top five resolutions every year, even though most of winter’s great expectations wither by spring.</p>
<p>“The New Year’s resolution is a kind of grand, glorified, long-term goal that people, for societal reasons, tend to begin on the first day of the calendar year,” said Gregory Chertok, a sports psychology consultant with the American College of Sports Medicine.</p>
<p>Goals set because people feel they should make them tend to be pressure-filled, unrealistic and less likely to be accomplished, he says.</p>
<p>“‘I’d like to cut down on junk food a little bit,’ is a goal more likely to be accomplished than ‘I’ll completely revamp my lifestyle,’ which is the kind of goal we set as a New Year’s resolutions,” Chertok said.</p>
<p>While about 45 percent of Americans make New Year’s resolutions, only about 8 percent succeed, according to a University of Scranton study published in the Journal of Clinical Psychology.</p>
<p>Dr. Michele Olson, professor of exercise science at Auburn University Montgomery said a resolution can be a way of putting off what can be done today.</p>
<p>“If there is a fitness need, such as to increase strength or decrease body fat, I say, ‘Let’s make a plan now,’” Olson said, adding that what is essential is to set a long-term plan with short-term goals.</p>
<p>“This is why athletes stay in shape year-round. They have a program scheduled and planned over an entire year with variation, rest days, more-intense and less-intense workout periods,” she said. “It’s like one’s job: there’s very little vacation time.”</p>
<p><img src="http://static4.businessinsider.com/image/54a2cb936bb3f70f0df64603-905-678/runner-in-a-park-2.jpg" border="0" alt="Runner in a park"></p>
<p>Dr. Cedric X. Bryant, chief science officer of the American Council on Exercise, said the New Year may be the worst time to make a lifestyle change.</p>
<p>“For many it’s the busiest, most hectic time,” he said, “and most people have an all-or-nothing mentality.”</p>
<p>Bryant said people who succeed focus on progress, not perfection, and plan for the inevitable slip-up.</p>
<p>“People don’t take time to celebrate the little successes,” he said. “Because they’re so focused on, say, an arbitrary weight goal, they don’t notice that they are sleeping better or feeling less anxious.”</p>
<p>Chertok suggests setting goals that don’t depend on the calendar to achieve the best results.</p>
<p>&nbsp;</p>
<p>(Editing by Paticia Reaney and Dan Grebler)</p><p><strong>SEE ALSO:&nbsp;<a href="http://www.businessinsider.com/ways-to-improve-your-life-2014-11" >Take Our 21-Day Program For Radical Self-Improvement</a></strong></p>
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